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The purchase of Bitcoin markets in place and futures contracts helped maintain its upward momentum despite $ 170 million in margin.
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The weak demand indicates Stablecoin in China and the limited use of the future financial lever is that the current assembly of Bitcoin is sustainable.
The price of Bitcoin (BTC) showed a strength at the support level of $ 102,000 on May 19, following 170 million dollars in the rank of benefit jobs. Sudden correction may be $ 5,000 after reaching 107,090 dollars unexpected, but this does not mean that the chances of reaching the highest level in the short term are less, especially since bitcoin derivatives measures showed flexibility.
The annual future futures premium for Bitcoin remained close to 6 % despite the re -test of the support of $ 102,000. This current level is within a neutral range from 5 % to 10 %, which was the base last week. While these data may indicate that there is no optimism for optimism, it proves at the same time that the purchase pressure comes from the immediate market rather than the subsidized bets.
The height of bonds in Japan and credit concerns are weighed with bitcoin feelings
Some analysts attribute Bitcoin’s correction to the comments of Japanese Prime Minister Shigro Ishiba to the country’s financial situation “undoubtedly poor,” said Bloomberg.
The return on government bonds in Japan has risen to its highest level on May 19, when traders demanded higher returns, indicating a lack of confidence. Japan is the largest holder of US Treasury bonds, so investors are concerned about the risks of infection in a sensitive moment of the global economy, especially since the ongoing trade war was very limited in growth.
The fact that the MOODY classification agency has reduced the long -term credit rating of the United States government to AA1 of AAA has also played an important role in reducing bitcoin height, especially since its association with the S&P 500 shadow is higher than 80 % since early May. The feelings of investors can deteriorate quickly as the impact of definitions becomes partial visible on corporate profits in the second quarter.
To understand whether Bitcoin has what is necessary to reach the highest level in the short term, one should analyze the demand for stablecoins in China. Excessive optimism periods usually lead to Stablecoins trading higher than fair value, which is not a health indicator, as Bitcoin jumps over $ 105,000.
The USDT (USDT) was traded with a simple discount of 0.4 % in China, which means that the increase in bitcoin prices were not driven by FOMO. The absence of excessive financial lever on the future of bitcoin and the lack of desperate flows to the Chinese market is basic ingredients to achieve sustainable price gains, which paves the way for a more solid bullish momentum of more than $ 105,000.
Bitcoin ignores bad news, and holds support amid strong demand immediately
The price of Bitcoin showed great flexibility after announcing a collective lawsuit against senior executives of the strategy, claiming “wrong and/or misleading data” regarding the risks associated with the Bitcoin investment. The complaint recalls unrealized losses, although these events do not affect the company’s cash flow.
Regardless of whether the issue has a basis, negative addresses tend to have a stronger and longer prices in neutral markets to the markets, which was not the situation that was not clearly the strategy shares (MSTR) trading by 2.4 % on May 19.
In addition, the fact that the subsidies of $ 102,000 that were kept amid the growing global economic uncertainty, along with topical purchase measures and elastic derivative standards, provides each indicator that bitcoin is in a good position to achieve additional prices.
This article is intended for general information purposes and does not aim to be and should not be considered legal or investment advice. The opinions, ideas and opinions expressed here are alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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