Bulls don't give up, especially with $3.3 billion BTC on the line this Friday. As the Bloomberg Commodity Index gained 29% in the Bitcoin is still down 11% in the same period.
The broader commodity index benefited from price increases in crude oil, natural gas, corn, wheat and lean hogs. Meanwhile, the total cryptocurrency market capitalization was unable to break the $2 trillion resistance level and currently stands at $1.98 trillion.was approved on March 15, enough to fund the government through September. Worsening macroeconomic conditions pressured the supply curve, which, in turn, pushed commodities prices even higher.U.S.
Even Bitcoin's recent rally above $42,000 took bears by surprise because only 16% of the bearish option bets for March 25 have been placed above this price level.The 1.75 call-to-put ratio shows more sizable bets because the call open interest stands at $2.13 billion against the $1.21 billion put options. Nevertheless, as Bitcoin stands near $42,000, most bearish bets will likely become worthless.