Bitcoin

<ul><li>According to derivative data, if bulls want to earn more, they should push the price above 30,500 on April 14th.</li><li>According to Bitcoin derivative data, if bears want to earn, the price should fall below $29,000.</li></ul>The BTC price continues to maintain its strength, and derivative data shows that bulls want to push Bitcoin up.<h2 id="header-0">Bitcoin Derivative Data is Positive for BTC Price!</h2>Bitcoin (BTC) price maintained the $30,000 support with the lower-than-expected US Consumer Price Index (CPI) data announced on April 12th. The official inflation rate for March showed a 5% increase year-on-year, which was slightly less than the 5.1% consensus. Although this was the lowest reading since May 2021, it is still significantly higher than the Federal Reserve’s 2% target.The data shows that inflation is no longer the driving force behind the Bitcoin rally, and investors are turning their focus to potential recession risks after the banking crisis that exposed how fragile the financial system is following the Federal Reserve’s raising of interest rates from 0.10% to 4.85%. Many warning signs of a macroeconomic slowdown have emerged, such as the bankruptcy of Silicon Valley Bank and the acquisition of Credit Suisse by UBS.The latest ISM Purchasing Managers Index data fell to its lowest level since May 2020, indicating an economic contraction. According to Federal Reserve documents released on April 12th, a “mild recession” is likely to occur later this year after the US banking crisis. Although there is speculation that the Fed will avoid raising interest rates due to the crisis, officials confirmed that more effort is needed to control inflation.According to a Moody’s Analytics report, commercial real estate prices fell 1.6% in February, the largest decline since the 2008 financial crisis. In addition, the national office vacancy rate reached 16.5%, indicating the severity of the economic challenges businesses are currently facing.Despite the FUD, including the SEC’s Wells Notice to Coinbase on March 22nd and the CFTC’s lawsuit against Binance and CEO Changpeng Zhao on March 27th, Bitcoin has shown resistance by maintaining the $30,000 support, indicating that positive momentum can continue even if inflation remains above 5%.<h2 id="header-1">Bulls Better Positioned as Weekly BTC Options Expire</h2>Traders who bet on a decline using Bitcoin options, especially, are not happy with the rally. The total open interest for BTC options expiring on April 14th is $950 million, with $490 million in call options and $460 million in put options. Bears were caught unprepared as less than 7% of their bets below $29,000 were realized.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/1f2291d8ffe0417599d36838df6b44bc.png" />Total open positions for Bitcoin options for April 14th. Source: CoinGlassContinue Reading: <a href="https://en.coinotag.com/bitcoin-derivative-data-stays-positive-for-btc-price/" rel="noopener noreferrer nofollow">https://en.coinotag.com/bitcoin-derivative-data-stays-positive-for-btc-price/</a>

Bitcoin Derivative Data Stays Positive for BTC Price!

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