Cryptocurrency traders may be cautious and favor a “reversion to the mean” given the macroeconomic uncertainty, particularly the upcoming Consumer Price Index report on September 13 and retail sales data on September 14. . In this case, the average represents the main trading range of $25,500 to $26,200 observed over the past few weeks.

However, from a bullish perspective, the fact that the derivatives market held firm during the dip below $25,000 is a promising sign. In other words, if bears had firm conviction, one would expect greater appetite for put options and a negative Bitcoin futures premium, known as “contango.”

Ultimately, both bulls and bears have major triggers that could impact Bitcoin's price, but predicting the timing of events like court decisions and ETF rulings is challenging. This dual uncertainty may explain why derivatives indicators have remained resilient, as both parties exercise caution to avoid overexposure.