Bitcoin price races toward $27K, but a swift recovery is not confirmed by market data
1 min read
Bitcoin might have displayed strength by quickly recovering from the $25,500 support level on June 6, but that doesn’t mean that breaking above $27,500 will be an easy task.
Investors still expect stricter regulatory scrutiny after FTX’s bankruptcy in November 2022, including the recent suits
Overall, Bitcoin bulls seem to be in a bad place, both from the worsening regulatory crypto environment and the unfolding global economic crisis.
Bitcoin derivatives markets indicate a low probability of the BTC price breaking above $27,500 in the short to medium term. In other words, Bitcoin’s market structure is bearish, so a $25,500 support retest is the most probable outcome.
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