BITCOIN COMES BACK TO LIFE — DOES DATA SUPPORT A RALLY TO $100K AND HIGHER?
$BTC reached $99,500 on Feb. 21, its highest level in two weeks, but failed to maintain the bullish momentum. This move can be partly attributed to a lack of enthusiasm in Bitcoin's derivatives markets.
Traders have been reluctant to open bullish positions since the rejection at $102,000 on Feb. 3.
The Bitcoin futures premium typically fluctuates between 5% and 10% in neutral markets, compensating for the longer settlement period.
However, this indicator has not shown bullish momentum since Feb. 3, and the recent rise from $95,500 on Feb. 19 to $99,500 on Feb. 21 was insufficient to break the trend.