Pro Bitcoin Traders Are Not Comfortable With Bullish Positions
BTC derivatives used by whales and market makers do not allow for continued price recovery above $24,000.< /p>
Market analysis
The previous $19,000 support level for Bitcoin (BTC) is receding after the 22.5% gain in nine days. However, little optimism was instilled as the impact of the Three Arrows Capital (3AC), Voyager, Babel Finance and Celsius crises remains uncertain. Additionally, the contagion claimed another victim after Thai crypto exchange Zipmex halted withdrawals on July 20.
Bitcoin/USD price 1 day. Source: TradingViewBulls' hopes hinge on the $23,000 support strengthening over time, but derivatives metrics show professional traders are still very skeptical of a continuous recovery.
Macro Headwinds Favor Scarce AssetsSome analysts attribute the strength of the crypto market to weaker-than-expected China gross domestic product data, leading investors to expect further expansionary action from policymakers. China's economy grew 0.4% in the second quarter from a year earlier as the country continued to grapple with self-imposed restrictions to curb a new outbreak of COVID-19 infections, according to CNBC.
9.4% UK inflation in June
BTC derivatives used by whales and market makers do not allow for continued price recovery above $24,000.< /p>
Market analysis
The previous $19,000 support level for Bitcoin (BTC) is receding after the 22.5% gain in nine days. However, little optimism was instilled as the impact of the Three Arrows Capital (3AC), Voyager, Babel Finance and Celsius crises remains uncertain. Additionally, the contagion claimed another victim after Thai crypto exchange Zipmex halted withdrawals on July 20.
Bitcoin/USD price 1 day. Source: TradingViewBulls' hopes hinge on the $23,000 support strengthening over time, but derivatives metrics show professional traders are still very skeptical of a continuous recovery.
Macro Headwinds Favor Scarce AssetsSome analysts attribute the strength of the crypto market to weaker-than-expected China gross domestic product data, leading investors to expect further expansionary action from policymakers. China's economy grew 0.4% in the second quarter from a year earlier as the country continued to grapple with self-imposed restrictions to curb a new outbreak of COVID-19 infections, according to CNBC.
9.4% UK inflation in June
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