$28,000 Bitcoin is in the cards, but it won’t happen without a struggle

Bitcoin’s price declined for eight consecutive days through May 13, totaling a 9.4% correction. The last time such a losing streak happened was on June 14, 2022, after the

As displayed above, according to the BTC options 25% delta skew, traders became increasingly bearish as the indicator spiked to 4% on May 11. Albeit in the neutral area, this is a stark contrast from the previous week, when the metric flirted with bullish sentiment at negative 8%.

Bitcoin options and futures markets suggest that pro traders are less confident, reducing the odds of a quick bounce above $28,000. Still, one could interpret the whole movement as bullish since the 12.7% correction was unable to flip BTC derivatives metrics from neutral to bearish.

Consequently, those betting on a bull trap, meaning a deeper Bitcoin price correction lies ahead, will likely come out disappointed.

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.