Bitcoin bulls are running out of time to reclaim the $17,000 level and secure a $130 million profit. noshitcoins explains what derivatives data is saying about BTC price action.
) price crashed to $15,500 on Nov. 21, driving the price to its lowest level in two years. The 2-day-long correction totaled an 8% downtrend and wiped out $230 million worth of leverage long futures contracts.
Investors' main concern is still the possibility of a recession if the U.S. Federal Reserve raises rates for longer than expected. Proof of this comes from Dec. 2 data which showed that 263,000 jobs were created in November, signaling the Fed’s effort to slow the economy and bring down inflation remains a work in progress.to clients that"all told, financial indicators point to a recession on the horizon.
For example, a trader could have sold a put option, effectively gaining positive exposure to Bitcoin above a specific price, but unfortunately, there's no easy way to estimate this effect.Bulls probably have less margin to support the price
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