) price underwent a significant downturn, reaching a low of $56,746 on July 4. This three-day dip represented an 11% decrease from its peak, and despite efforts to regain the $58,000 support, Bitcoin’s price is still 21.5% below its all-time high of $73,757, recorded on March 14.
Still, the demand for Bitcoin derivatives and stablecoins in China suggests that traders are not ready to give up, pointing to the potential continuation of theThe S&P 500 index achieved a new all-time high on July 3, and gold remained just under 4% shy of its record $2,450 high on May 19. The surge in the stock market has been driven by corporate earnings surpassing expectations and the growing anticipation of interest rate cuts by the United States Federal Reserve throughout 2024.
Moreover, the United States 5-year Treasury yield has stayed at 4.33% for the past four weeks, indicating no movement toward “flight-to-quality,” where investors typically flock to safer assets. This trend would typically lead to a decrease in yields, as demand for government-backed bonds rises and inflation fears push traders to seek higher returns.
Despite intense selling pressure, Bitcoin whales and market makers have shown resilience, as evidenced by two key derivatives metrics.Professional traders often favor monthly contracts because they do not involve a funding rate. In a neutral market, these contracts usually trade at a premium of 5% to 10% to compensate for their extended settlement periods.The data indicates that the BTC futures premium fell to 7.5% on July 4 but remained within the neutral territory.
Considering that Bitcoin derivatives are not exhibiting bearish signs, such data bolsters confidence that the BTC price is likely to regain theThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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