Bitcoin (BTC) regained $ 84,500 on April 14, and recovery was partially fueled by the announcement of US President Donald Trump’s partial import tariff relief. However, on April 13, the merchant’s optimism disappeared when it became clear that relaxation was temporary and the tariffs of the electronic supply chain could be reviewed.
Uncertainty over the ongoing trade tension between the United States and China has influenced the Bitcoin market, causing traders to lose their trust. This can explain why Bitcoin’s price is not cut of $ 86,000 or more and why BTC derivatives are limited to short -term potential, creating a potentially mood for the next few days.
Bitcoin 2 -month gift annual premium. Source: LAevitas.ch
The premium of the Bitcoin monthly futures contract reached its peak at 6.5%on April 11, but after that, it was reduced to 5%, which is close to weakness in neutral. Sellers generally require an annual premium of 5% to 10% during the longer settlement period, so less than this range is reduced.
Bitcoin sentiment is faint with optimistic momentum with wrong stock market
The simple excitement of the merchant is related to the announcement that President Trump’s tariffs on imported semiconductors will be reviewed for a week on April 13. According to Yahoo Finance, it suggests that the exemption of smartphones and computers is not final. Trump said: “We want to make chips, semiconductors and other things in our country.”
Bitcoin trader experienced an emotional swing while expectations fluctuated during this period. The achievements of a wide range of markets, especially world trade, seem to have influenced Bitcoin sentiment. The powerful correlation between Bitcoin and the stock market has weakened the passion of strength, leaving public questions about whether this effect is limited to the future of BTC.
S & P 500 Future (left) vs. bitcoin/USD (right). Source: TradingView / COINTELEGRAPH
In order to check whether the Bitcoin trader’s feelings reflect the trend of the S & P 500, it is helpful to investigate the BTC option market. If a professional trader predicts a significant price drop, the PUT (SELL) option is more expensive than the Call option, so 25% Delta SKEW indicators rise more than 6%.
Bitcoin 30-day option 25% DELTA SKEW (PUT-CALL). Source: LAevitas.ch
On April 13, the Bitcoin option Delta SKEW simply dropped to less than 0%and showed light optimism. However, this momentum was not maintained on April 14 and strengthened the data of Bitcoin futures despite the recovery of $ 74,440.
Inflow after the limited optimism of the weakness Bitcoin ETF trader
Another way to measure market sentiment is to analyze China’s stable demand. Powerful retail interest in Cryptocurrencies usually requires Stablecoins to trade at more than 2% of the US dollar ratio. In contrast, insurance premiums with less than 0.5% often show fear as merchants move away from the encryption market.
relevant: Despite the Trump tariff confusion, the encryption market ‘relatively order’: NYDIG
USDT Tether (USDT/CNY) vs. us dollar/cny. Source: OKX
Between April 6 and April 11, China’s tethers (USDT) traded at 1.2% premium, reflecting medium passion. However, this trend suggests that the premium is only 0.5%and the previous excitement is gone. Therefore, traders are still careful about Bitcoin.
Investors suspected that they were led by the recent temporary separation from the stock market trend, and the announcement of the $ 280 million Bitcoin acquisition of Bitcoin did not increase emotions. Similarly, the Bitcoin Spot Exchange Transaction Fund (ETF) has leaked $ 270 million between April 9 and April 11, and the potential improvement of merchant trust has weakened.
This article is for general information purposes and should not be considered legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.