Traders Remain Cautious as Bitcoin Attempts to Break $74K
- Bitcoin (BTC) recently reclaimed the $70,000 mark but has struggled to surpass $74,000 for five weeks.
- US-listed Bitcoin ETFs saw $414 million in net inflows this week, but this was not enough to counteract $576 million in outflows from the previous week.
- Professional traders are pricing in less than a 17% chance of Bitcoin reaching $78,000 by March.
- The annualized premium for monthly Bitcoin futures remains below the neutral threshold of 4%.
- February saw a surprising cut of 92,000 job positions in the US, further dampening market sentiment.
Despite recent ETF inflows and a brief rally, economic uncertainties and geopolitical tensions have led professional traders to adopt a cautious stance on Bitcoin’s price momentum. The combination of disappointing labor data and ongoing conflicts is influencing market behavior.
As traders assess the current situation, the outlook for Bitcoin breaking past $78,000 appears limited with only a 17% probability reflected in options pricing. (Source)
