Will $28,000 Bitcoin price support survive another retest?
As the market intelligence platform Decentrader pointed out, the comments from Fed chairman Jerome Powell are more likely to bring surprise elements, either pointing to further measures to slow down the economy or signaling higher odds of the terminal interest rate being close to 5%. Powell is set to hold a press conference at 2:30 pm Eastern Time.
However, raising interest rates has negative consequences for families and small businesses in particular. Financing and mortgages become more costly, while investing in fixed income becomes more attractive.
As a result, futures contracts in healthy markets should trade at a 5 to 10% annualized premium — a situation known as contango, which is not unique to crypto markets.The data suggests Bitcoin traders have been extra cautious over the past couple of weeks. Even as the BTC price flirted with $30,000 on April 26, there were no signs of demand for leveraged longs.
Consequently, Bitcoin options and futures markets suggest that professional traders are not placing their chips on the BTC price. On the other hand, those whales are pricing in similar odds of surprise positive and negative moves.
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