$BTC
The price of BTC rose by 11% within the past week, maintaining a two-month high around $94,000, showing a strong rebound. This rebound occurred after the Trump administration signaled a reduction in import tariffs and following strong corporate earnings reports.
The S&P 500 index's weekly increase of 7.1% has re-injected confidence into the market, driving the price of Bitcoin up. However, Trump stated that negotiations depend on concessions from China, raising traders' doubts about the sustainability of the rally. Although Bitcoin is still influenced by macroeconomic factors, its lower correlation with the S&P 500 indicates that it is no longer just an alternative to tech stocks, possessing unique asset characteristics.
The two-month Bitcoin futures premium has risen to its highest level in seven weeks, indicating increased interest in bullish positions, moving away from bearish territory. Significant accumulation by institutions is also likely to push Bitcoin's price above $100,000 in the near future.
Additionally, during recent Bitcoin contract trading, be sure to set stop-losses, as there are several potential risk factors to watch out for:
Tensions between India and Pakistan are high, and if war breaks out, it will strongly impact the cryptocurrency market, causing severe volatility.
Recently, Sun has transferred 2,000 Bitcoins to Binance. Based on his past trading style, there is a possibility that he may suddenly sell off Bitcoin and crash the market.
With the May Day holiday approaching, traders in long and short contracts, as well as spot holders, are likely to concentrate on closing positions and selling in the short term.
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