3 reasons why Bitcoin's price is primed to hold the $30,000 level as support

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Bitcoin price may have been primed for a brief correction near the $30,000 level, but noshitcoins says data shows bears are in a pickle.

In the same week, the U.S. Treasury curve reached its deepest inversion since 1981 on July 3, reflecting the 2-year note's 4.94% yield compared to the 10-year trading at 3.86%, the opposite of what is expected from longer-term bonds. The phenomenon is closely watched by investors as it has preceded past recessions.

Besides leaving room for further long leverage, the indicator shows no signs of potential stress on margin markets in case of a sudden Bitcoin price correction.Traders can also gauge the market’s sentiment by measuring whether more activity is going through call options or put options. A 0.70 put-to-call ratio indicates that put option open interest lags the more bullish calls and is, therefore, bullish. In contrast, a 1.40 indicator favors put options, which can be deemed bearish.

suggesting U.S. regulators consider how a spot-based ETF could democratize finance. Fink suggested that investors could turn to Bitcoin as a hedge against inflation or the devaluation of certain currencies.

 

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