Bitcoin price ended the week bearish amid trade wars and the expiration of major options.
Trade Wars and their Impact on Bitcoin
Trade wars under the Trump administration are causing negative sentiment among investors. This has resulted in Bitcoin falling below $85,000 amid overall market uncertainty, also leading to a rise in gold prices, the primary safe-haven asset.
Options Market Situation
On March 28th, options worth $12.1 billion expired, with a call/put ratio of 0.49, adding pressure on Bitcoin's price. The anticipated monthly decline materialized as Bitcoin closed the trading week at $82,608.
Bitcoin's Near-term Prospects
The leading cryptocurrency, Bitcoin, is not yet showing signs of strong recovery. March saw a decline in leverage trading levels, which may indicate an easing of high-liquidation scenarios. However, investors are now focusing on the return of strong spot market demand.
The current market situation for Bitcoin indicates a challenging period driven by external economic factors. Long-term prospects depend on the stabilization of economic conditions and the level of investor confidence.
