Key results:

• BTC has reached USD 97,900 due to the rapid demand of institutional investors, but Futures prices show that traders are not sure of a lasting rally.

• Macroeconomic risk and global commercial tensions limit the stubborn fondness despite $ 3.6 billion in the BTC ETF spot influence.

• BTC Lean Bullish options, suggesting that vast players expect mountains, but their caution makes the lever used low.

Bitcoin (BTC) exploded in a strict trade range from 93,000 to USD 95,600, on May 1, after six days of confined traffic. Despite reaching the highest price for ten weeks to USD 97,930, the sentiments remain neutral in accordance with the indicators of BTC derivative instruments. This price campaign took place along with the significant net influx to American stocks Bitcoin funds (ETF).

Part of the disappointment of traders can be attributed to the ongoing global dispute on the tariff, which begins to affect macroeconomic data. Bitcoin traders are afraid that despite the growing interest of institutional investors, fears of economic recession may reduce price results. This fear reduces the likelihood of reaching BTC by $ 110,000 or higher in 2025.

The annual contribution for the two -month Bitcoin term remained from 6% to 7% over the past week, remaining in a neutral range from 5% to 10%. Compared to January, when Bitcoin traded nearly USD 95,000, and the Futures bonus was above 10%, the mood of traders weakened. These data suggest that there is less optimism, or at least less belief, in subsequent price benefits in relation to $ 100,000 and more.

Gold performance overshadowed the modest Bitcoin profits

Some market participants point to a 20% Gold rally, from USD 2680 to USD 3220 as a source of anxiety. Although Bitcoin has recently exceeded the market capitalization of $ 1.8 trillion Silver to become the seventh of the global commercial resource, the growth of Gold to a huge valuation worth USD 21.7 trillion USD fatty this achievement. Investors are worried that the powerful correlation of Bitcoin with the stock market has reduced the attractiveness of the narrative of “digital gold”.

It is also possible that $ 3.6 billion net inflow for US ETF in the last two weeks has been directed by Delta neutral strategies. In this scenario, flows reflect Bitcoin owners transferring to the products listed or using derivatives for security. If so, the direct impact on the price would be confined, which is in line with a diminutive raise in 5% Bitcoin during this period.

To determine if professional traders feel comfortable with Bitcoin around 97,500 USD, it is helpful to examine the BTC option market.

The BTC 25% Delta SKEW Metric options are currently close to the lowest level since February 15, which indicates that whales and market manufacturers are assigning higher chances for further position. This means a rapid reversal three weeks ago, when the PUT (Sell) options exchanged for the bonus.

Related: Bitcoin uncertain as the recession is approaching, the US-China tariff talks start

The resistance of Bitcoin derivative instruments is conducive to the further raise in BTC prices

In general, bitcoin derivatives indicate moderate optimism. Traders usually expect further price benefits, but the bulls refrain from using the lever. Some may argue that this creates ideal conditions to surprise the rally, especially since the re -74,500 USD on April 9 did not significantly affect BTC derivatives.

Trade relations between the US and China remain the most significant factor affecting Bitcoin’s results. As long as the trade war is ongoing, Bitcoin will probably continue to follow the S&P 500 movements. While this environment may prevent Bitcoin from achieving modern all time in the near future, BTC derivatives are now based in favor of bulls.

This article is used for general information purposes and should not be and should not be treated as legal or investment advice. The views, thoughts and opinions expressed here are themselves and do not necessarily reflect or represent the views and opinions of Cointelegraph.