Coinbry

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The Futility of Bitcoin's Resistance to Retesting the $25K Support

The Futility of Bitcoin’s Resistance to Retesting the $25K Support

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.

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