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Will $28K Bitcoin price hold? Two indicators remain solid despite 5% pullback

Published 05/01/2023, 11:40 AM
Updated 05/01/2023, 01:20 PM
© Reuters.
BTC/USD
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Bitcoin (BTC) saw considerable volatility between April 25 and May 1, ranging between $27,200 and $30,000. From a trading perspective, the 10.5% move sounds alarming, resulting in $340 million in leveraged BTC futures contract liquidations.

However, from a broader angle, Bitcoin price is up 72% year-to-date in 2023, while the S&P 500 stock market index accumulated 9% gains.

OKX stablecoin/BTC margin lending ratio. Source: OKX
Exchanges' top traders Bitcoin long-to-short ratio. Source: Coinglass

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