Bitcoin Price Surge Mirrors S&P 500 Growth
Bitcoin's price movement mirrored the S&P 500 index, which reached an all-time high after macroeconomic data increased the probability of a 0.50% interest rate cut by the US Federal Reserve on Sept. 18. This positive economic data has helped reduce the risks of a stock market correction.
Derivatives Market Sentiment Remains Cautious
Despite the price rally from $57,675 to $61,330, investor sentiment in the Bitcoin derivatives market remains cautious. The Bitcoin futures premium stabilized at 6%, indicating a neutral market, while the options 25% delta skew stands near 2%, suggesting a lack of conviction among traders.
Uncertainty Lingers Over Bitcoin's $60,000 Support
Whether $61,000 becomes a support level for Bitcoin is still in question, as traders continue to lack confidence in the market's momentum. The data suggests that the recent price surge may not be sustainable, leaving Bitcoin bulls concerned about the cryptocurrency's short-term prospects.
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