The increasingly changing perspective on $BTC solidifies the support level of $100,000
The flow of money into Bitcoin ETFs along with the options spread reflects growing confidence among investors, despite macroeconomic headwinds.
Key points: $BTC is struggling with the $105,000 level amid economic volatility.
Stable inflows from institutions help to solidify the $100,000 support level.
Market Trends
$BTC has struggled to break the $105,000 threshold since May 10. Although it regained the $104,000 mark, demand for leveraged long positions has significantly decreased, as evidenced by the Bitcoin futures premium dropping from 7% to 5%.
Macroeconomic volatility continues to affect the price of $BTC, which often closely tracks the stock market. On May 15, the price rebounded from $101,800 to $104,000 as S&P 500 futures reversed course.
Trend Predictions
Bitcoin options reflect market sentiment, with put options trading at lower prices than call options, indicating strong confidence in the $100,000 support level. However, the delta skew indicator has decreased to -4%, reflecting fluctuating sentiment.
The correlation between Bitcoin and the S&P 500 rarely lasts more than two months, but the net inflow of $320 million into U.S. Bitcoin ETFs on May 14 confirms strong institutional demand. The perception of Bitcoin is shifting from a risk asset to a less correlated tool, which may help mitigate the risk of a severe correction even without significant leveraged bullish positions.