Bitcoin’s price is expected to drop to $25,000, according to derivatives data, as miners have been selling the cryptocurrency since the start of June. The US Federal Reserve’s interest rate decision and the issuance of more than $850bn in new bills by the US Treasury are also concerns for the economy. The uncertain regulatory environment for cryptocurrencies is also a hurdle to attracting institutional investors.
– Bitcoin has been trading in a narrow range for the past three days after successfully defending the $25,500 support on June 10.
– The US Federal Reserve’s interest rate decision and the issuance of more than $850bn in new bills by the US Treasury are concerns for the economy.
– The uncertain regulatory environment for cryptocurrencies is a hurdle to attracting institutional investors.
– Miners have been selling Bitcoin since the start of June, potentially adding further pressure to the price.
– Investors are closely monitoring Bitcoin futures contract premiums and the costs of hedging using BTC options.
– The demand for leveraged BTC longs has slightly increased, as the futures contract premium increased to 3% from 1.7% on June 10.
– The 25% delta skew metric entered “fear” mode on June 10 as Bitcoin’s price faced a 4.5% correction.
– The uncertain regulatory environment remains a hurdle to attracting institutional investors.