Bitcoin (BTC) is currently experiencing volatile movements in the market ahead of the employment data release that could influence the Federal Reserve's interest rate decisions.
Price Movements of Bitcoin
Last week, Bitcoin reached over $107,000 during Fed Chairman Jerome Powell's speech, but subsequently the price corrected to $105,000.
Decline in CME Futures Premium
10X Research noted that the CME Bitcoin futures premium has fallen to 4.3%, the lowest level since October 2023. 10X Research founder Markus Thielen commented on this decline, indicating weakened institutional demand. CITE_W_A "The annualized premium for 3-month CME Bitcoin futures has fallen from 10% earlier this year to 4.3% currently. This is the lowest level since 2023."
Price Movement Predictions
Thielen also emphasized that this decline in premium occurred despite Bitcoin holding above $100,000, which may suggest decreasing expectations for further price increases and increased uncertainty in the market.
The state of the futures premium and current volatility in Bitcoin may impact market sentiment and investors. Market observers continue to await further data that could influence price movement direction.
