Main takeout:
Bitcoin purchases in the spots and future markets helped to maintain the amount of upward exercise despite the BTC price of $ 170 million.
China’s weak stable demand and limited use of futures leverage suggest that Bitcoin’s current rally is sustainable.
The BTC (Bitcoin) Price showed strengths in response to the amount of $ 102,000 in the support level of $ 102,000 on May 19. After a $ 107,090, a sudden modification of $ 5,000 may be unexpected, but it doesn’t mean it’s unlikely to reach a record high in the short term. This is especially because Bitcoin derivatives metric showed elasticity.
Bitcoin’s annual 1 month future premium is almost 6%despite the $ 102,000 support. This current level is within 5% to 10% neutral range and has been standard for last week. At first glance, such data suggests that there is a lack of optimism, but at the same time it proves that the purchase pressure comes from the spot market rather than leverage betting.
Japanese bond spikes and credit fear are weighed on bitcoin feelings.
Some analysts, as reported by Bloomberg, are “not doubtful” to the fiscal status of this country’s financial situation, which is due to the revision of Bitcoin’s mention of Bitcoin’s statement.
As merchants demanded higher profits, the return on long -term government bonds in Japan on May 19 surged to the highest level on May 19, and signaled that trust is insufficient. Since Japan is the largest holder of the US Treasury bonds, investors are concerned about the risk of infectious at the delicate moment of the global economy, especially as the ongoing trade war seriously limits growth prospects.
The fact that Moody’s Rater Agency cuts the US government’s long -term credit rating from AAA to AA1 has played an important role in limiting Bitcoin’s rise because the correlation with the S & P 500 index remained at more than 80% since early May. Investor feelings can quickly worsen as the impact of tariffs is partially noticeable in 2/4 corporate income.
To understand if Bitcoin needs to reach the highest high, it is necessary to analyze the demand for China’s Stablecoin. The period of excessive optimism usually leads to a Stay Blemoin transaction that exceeds fair value because Bitcoin jumps to more than $ 105,000.
USD Tether (USDT) is traded at a slight 0.4% discount in China, which is likely to have not been led by FOMO. There is no excessive leverage of Bitcoin futures and the lack of desperate inflows in the Chinese market is a key element of sustainable price profit and can get a stronger strong momentum of more than $ 105,000.
Bitcoin is supported by the bad news and is supported in the strong point demand.
Bitcoin’s price showed significant elasticity after a class action lawsuit against the chief executives of the strategy, claiming “false and/or misunderstandings” for the risk of Bitcoin’s investment. This incident is specifically referred to as non -heritage losses, but this case does not affect the company’s cash flow.
Regardless of whether there is a foundation in the case, negative headlines tend to have a much stronger and longer price impact in the neutral market in the neutral market, which is not clear that it has risen 2.4% to MSTR on May 19.
In addition, the fact that the global economic uncertainty has been strengthened with a strong $ 100,000 support and the fact that it is combined with strong branch purchases and elastic derivatives metrics provides all signs of Bitcoin’s well deployed for additional price benefits.
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.