Recent price increase of Bitcoin to $109,700 has been influenced by various economic factors, yet traders are remaining cautious.
Futures Premium Indicates Caution
The Bitcoin futures premium remained below the 5% neutral threshold. Although it nudged up from 4% on Monday, the premium level is still far from values that typically indicate strong bullish conviction.
Macro Factors Create Volatility
The rising money supply in the eurozone at 2.7% year-on-year in April and weak labor market data from the US also play a role in increasing interest in Bitcoin as a safe-haven asset. US President Donald Trump's tariff threats add to the tension.
Options Market Shows Neutral Risk Sentiment
An analysis of the options market indicates that the current delta skew level stands at 0%, reflecting a balanced risk. Traders do not expect a sharp correction but also do not believe in a sustained rise.
The short-term outlook for Bitcoin remains uncertain, as traders await new economic data to either confirm or challenge the current uptrend.
