Despite a price correction to $29,000, Bitcoin price metrics suggest traders are betting on a quick rebound.
Bitcoin’s three major trading metrics continue to project a bullish outlook, indicating that professional traders have not reduced their leverage longs.
Whales’ inflows to exchanges reached their highest level in over three years, causing concern among investors.
Bitcoin’s crash may have been related to the U.S. dollar’s reversion, as the dollar strengthened against other currencies.
Margin and derivatives markets show that professional traders remain resolute, with margin lending and futures contracts sustaining healthy levels.
Options markets also indicate that traders anticipate a recovery, with bullish call options trading at a premium compared to protective puts.
Despite the price correction, investor optimism remains high, with higher odds of a recovery above $30,000 in the short term.
Positive triggers on the horizon include the possible approval of a spot Bitcoin exchange-traded fund and gaining regulatory clarity.
Overall, the article suggests that despite the flash crash, professional traders and investors remain optimistic about Bitcoin’s future.
