๐ *Bitcoin $BTC Stalls Under $64K as Pro Traders Keep It Cool*
After a brief rally to $64K, Bitcoin's momentum seems to have fizzled out. Despite gaining 6.2% on August 23, BTC's price hasn't seen a strong follow-through, with derivatives traders remaining cautious.
๐ *BTC Futures Premium Stagnates:* The BTC futures premium is stuck around 6%, signaling that pro traders aren't jumping into leveraged long positions just yet. This cautious stance shows that the market isn't convinced the bull run will continue without more evidence.
๐ผ *Options Market Unmoved:* The BTC options skew is near 0%, reflecting a balanced sentiment between bullish and bearish bets. No major shifts in optimism or pessimism here, as traders seem to be waiting for more data before making big moves.
๐ *Geopolitical and Economic Factors:* Geopolitical tensions and upcoming US economic data, like the PCE inflation index due on August 30, have traders on edge. With key corporate earnings reports also around the corner, a cautious approach seems wise.
Is BTC Just Catching Its Breath? ๐ด
While some traders are playing it safe, others believe there's still plenty of "dry powder" left in the market. If Bitcoin continues to show strength, we could see a renewed push higher.
