Bitcoin futures data aligns with BTC traders’ hope for new all-time highs
Bitcoin (BTC) price showed strength at the $102,000 support level on May 19, following $170 million in liquidations of leveraged positions. A $5,000 correction after reaching $107,090 does not diminish the potential for an all-time high, supported by resilient Bitcoin derivatives metrics. The annualized one-month futures premium remained near 6%, indicating buying pressure from the spot market rather than leveraged bets. Concerns over Japan's fiscal situation and rising government bond yields have negatively impacted Bitcoin sentiment. Moody's downgrade of the US government's credit rating to AA1 has also limited Bitcoin's upside, with its correlation to the S&P 500 remaining above 80%. Stablecoin demand in China suggests that Bitcoin's price increase is not driven by FOMO, as USD Tether trades at a slight discount. Despite negative news, Bitcoin maintained support amid strong spot demand, indicating potential for further price gains.
