How are Bitcoin futures and options positioned as BTC price revisit $70,000?
) gained 2.5% on June 3 to $69,400, sparking hopes that it might reclaim the $69,000 support level for the first time in 11 days. This positive price movement coincided with a surge in the Bitcoin futures premium to its highest level in seven weeks. But what does this mean for the sustainability of Bitcoin’s rally toward $70,000?Some analysts believe that Bitcoin’s recent price jump was partly influenced by GameStop’s impressive 36% rally.
Global geopolitical tensions have also played a role in Bitcoin's recent price action. Australia's decision to order Chinese investors totheir stakes in a rare earths miner has heightened uncertainty in global markets. This move coincided with a 1% gain in gold and a sell-off in U.S. Treasuries, with the 5-year yield dropping to 4.42% from 4.59% on May 31.and the spot level on regular exchanges. Usually, a 5% to 10% annualized premium occurs to compensate for the extended settlement.
The delta skew measures the relative demand for bullish and bearish options. A negative skew indicates a higher demand for call options , while a positive skew suggests a preference for put options . Neutral markets typically hold a -7% to +7% delta skew, thus indicating a balanced pricing between call and put options.
The recent data points to a healthy Bitcoin market, with demand driven by a mix of factors including fear of recession, geopolitical uncertainty, and a resurgence of anti-traditional finance sentiment. Key metrics such as the Bitcoin futures premium and the 25% delta skew suggest cautious optimism among traders, providing a stable foundation for further price gains above $70,000.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.ChatGPT ‘meth’ jailbreak shut down again, AI bubble, 50M deepfake calls: AI Eye
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