Bitcoin Surges Amid US-Iran Ceasefire, But Bears Remain Cautious
- Bitcoin (BTC) rose by 6% in under four hours following a ceasefire agreement between the US and Iran.
- The rally resulted in $280 million in liquidations within Bitcoin futures markets.
- Despite the surge, Bitcoin’s derivatives indicate limited bullish momentum, with a potential correction to $68,000 remaining possible.
- Aggregate open interest in Bitcoin futures reached approximately 593,930 BTC, reflecting a modest increase of 2.5% from the previous day.
- The annualized premium for Bitcoin futures remained flat at around 3%, below the neutral threshold of 4% since late January.
The recent ceasefire has led to optimism in global markets, impacting both stocks and Bitcoin. However, ongoing legislative challenges and inflationary pressures continue to keep bearish sentiments alive among traders.
With Bitcoin’s price rising sharply and liquidations hitting $280 million, the market remains volatile as bears hold their positions amid uncertainty about future regulatory developments.(Source)
