Will $28K Bitcoin price hold? Two indicators remain solid despite 5% pullback

Bitcoin (

BTC derivatives markets show no signs of bearishness

There are occasional methodological discrepancies between different exchanges, so readers should monitor changes instead of absolute figures.

Even though Bitcoin failed to break the $30,000 resistance, professional traders have increased their leveraged long positions using futures, according to the long-to-short indicator.

At crypto exchange OKX, the long-to-short ratio sharply increased, from 0.66 on April 27 to the current 0.93 on May 1. Moreover, at Binance the long-to-short ratio also increased, favoring longs, moving from 1.12 on April 25 to a 1.26 peak on April 30.

Therefore, despite the 5% price decline from a high of $29,970 on April 30, the bears using futures contracts were not confident enough to add leveraged shorts. Simply put, even if Bitcoin retests $28,000, bulls should not yet throw in the towel as both margin and futures market indicators remain healthy.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.