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Bitcoin derivatives show a lack of confidence from bulls

Published 08/02/2022, 02:00 PM
Updated 08/03/2022, 04:40 AM
Bitcoin derivatives show a lack of confidence from bulls
BTC/USD
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Bitcoin (BTC) has been trending up since mid-July, although the current ascending channel formation holds $21,100 support. This pattern has been holding for 45 days and could potentially drive BTC towards $26,000 by late August.

Bitcoin/USD 12-hour price. Source: TradingView

According to Bitcoin derivatives data, investors are pricing higher odds of a downturn, but recent improvements in global economic perspective might take the bears by surprise.

S&P 500 and Bitcoin/USD 40-day correlation. Source: TradingView
Bitcoin 3-month futures’ annualized premium. Source: Laevitas
Bitcoin 30-day options 25% delta skew: Source: Laevitas

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