Data shows pro traders are comfortable with Bitcoin’s recent run to $24,000 and while the rally appears to have sustainable momentum, noshitcoins says there are good reasons for BTC investors to exercise caution.
) price surpassed even the most bullish price projections after the U.S. Federal Reserve announced plans to raise interest rates by 25 basis points.
After testing the $22,500 support on Feb. 1, Bitcoin gained 6.5% in five hours and has since been flirting with the $24,000 level. While the recent gains are exciting, traders should note that the improvement in crypto market sentiment tracked the risk-on attitude seen in traditional markets. People’s Bank of China , recently argued that a permanent ban on crypto could result in many missed opportunities.
For example, one can increase exposure by borrowing stablecoins to buy Bitcoin. On the other hand, Bitcoin borrowers can only short the cryptocurrency as they bet on its price declining. UnlikeOKX stablecoin/BTC margin lending ratio. Source: OKX Traders should also analyze options markets to understand whether the recent rally has caused investors to become more risk-averse. The 25% delta skew is a telling sign whenever arbitrage desks and market makers are overcharging for upside or downside protection.
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