Bitcoin price struggles to hold above $30K amid regulatory uncertainty
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Bitcoin (
The chart shows traders have been neutral-to-bearish for the past two weeks as the basis indicator oscillated between 2.4% and 4.3%. This data should not come as a surprise given that Bitcoin price remains 56% below its $69,000 all-time high.
Bitcoin’s margin and futures markets reflect a neutral to bearish sentiment, but nothing exaggerated. The reduction in demand from bullish strategies is likely reflecting the 50% Bitcoin price gains since March 11.
However, investors fear regulatory action could dim the demand for retail and institutional clients, so unless there’s more clarity on that front, the odds of Bitcoin breaking above $31,000 remain slim.
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