Bitcoin’s consolidation around the $27,000 mark has sparked speculation of an imminent bullish breakout, as indicated by derivatives data. However, the overall macroeconomic landscape will ultimately determine the trend. Since May 13, Bitcoin’s price has remained relatively stable, mirroring a similar pattern seen in early April. This sideways movement reflects a state of uncertainty among traders, with balanced demand from buyers and sellers. Traders are eagerly awaiting potential market triggers that could propel the price in a definitive direction. These triggers include upcoming economic data announcements and the ongoing U.S. debt ceiling negotiations. Analyzing the Bitcoin derivatives market structure, similar to the April period, is a crucial step in assessing the likelihood of a breakthrough above $29,000, contingent on the macroeconomic environment. Currently, Bitcoin futures markets show diminished demand from bulls, with sellers seeking a higher premium to delay settlement. Healthy markets typically exhibit a 5% to 10% annualized premium, known as contango, which is not exclusive to the crypto space.
US district judge refers FTX independent examiner issue to appellate court
A motion for the appointment of an independent examiner in the bankruptcy case of crypto exchange FTX has been referred...
