PANews reported on February 17 that although Bitcoin (BTC) has continued to fluctuate in a narrow range between $95,000 and $100,000 this month, traders remain bullish. According to Amberdata data, the $110,000 call option expiring on March 28 on the Deribit platform has become the most popular trading strategy this month, with a cumulative net premium of more than $6 million.
Greg Magadini, head of derivatives at Amberdata, said Bitcoin's price has failed to rise significantly on positive news, such as MicroStrategy's continued increase in holdings and Abu Dhabi's $436 million investment in a Bitcoin ETF.
At the same time, macroeconomic headwinds and the boom-bust cycle of small-cap tokens have limited Bitcoin's upside. For example, a token called LIBRA recently soared to $4 billion in market value, but plummeted 90% in a few minutes. In addition, high inflation data in the United States also weighed on market sentiment.
Magadini pointed out that despite some positive news, the overall market is showing low volatility and sideways, dragged down by the increase in the supply of altcoins and negative news. In this environment, the Bitcoin market may continue to maintain a sluggish trend in the short term.
Previous news, analysis: Bitcoin bull market may not be over yet, the 200-week moving average trend shows a bullish signal .
