Pro traders don't expect Bitcoin to break and hold $20,000 anytime soon
The bears controlled the price of BTC by forcing 111 daily closes below $25,000 and derivatives data shows that a reversal of this trend is highly unlikely.
Market analysis
One hundred and eleven days have passed since Bitcoin (BTC) closed above $25,000 and this has led some investors to feel less sure that the asset has found a confirmed low. For now, global financial markets remain worried about heightened tension in Ukraine following this week's Nord Stream gas pipeline incident.
The Bank of England's emergency intervention in government bond markets on September 28 has also highlighted the current extreme fragility of fund managers and financial institutions. The move marked a dramatic departure from the previous intention to tighten economies as inflationary pressures mounted.
Currently, the S&P 500 is on the verge of posting a third consecutive negative quarter, the first since 2009. In addition, analysts at Bank of America have downgraded Apple to neutral, due to the decision of the giant of technology to reduce iPhone production in demand." Finally, according to Fortune, the real estate market showed its first signs of reversal after housing prices fell in 77% of metropolitan areas in the United States.
Let's look at Bitcoin derivatives data to understand if the deteriorating global economy is impacting crypto investors.
Professional traders were not enthusiastic about the rally to $20,000Retail traders generally avoid quarterly futures because of their price difference to spot markets, but they are preferred instruments by professional traders because they prevent the fluctuation in funding rates that often occurs in a perpetual futures contract.
The bears controlled the price of BTC by forcing 111 daily closes below $25,000 and derivatives data shows that a reversal of this trend is highly unlikely.
Market analysis
One hundred and eleven days have passed since Bitcoin (BTC) closed above $25,000 and this has led some investors to feel less sure that the asset has found a confirmed low. For now, global financial markets remain worried about heightened tension in Ukraine following this week's Nord Stream gas pipeline incident.
The Bank of England's emergency intervention in government bond markets on September 28 has also highlighted the current extreme fragility of fund managers and financial institutions. The move marked a dramatic departure from the previous intention to tighten economies as inflationary pressures mounted.
Currently, the S&P 500 is on the verge of posting a third consecutive negative quarter, the first since 2009. In addition, analysts at Bank of America have downgraded Apple to neutral, due to the decision of the giant of technology to reduce iPhone production in demand." Finally, according to Fortune, the real estate market showed its first signs of reversal after housing prices fell in 77% of metropolitan areas in the United States.
Let's look at Bitcoin derivatives data to understand if the deteriorating global economy is impacting crypto investors.
Professional traders were not enthusiastic about the rally to $20,000Retail traders generally avoid quarterly futures because of their price difference to spot markets, but they are preferred instruments by professional traders because they prevent the fluctuation in funding rates that often occurs in a perpetual futures contract.
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