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

Published 05/15/2023, 03:15 PM
Updated 05/15/2023, 05:20 PM
© Reuters.
BTC/USD
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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 Celsius lending platform halted withdrawals and FUD — fear, uncertainty and doubt — emerged from United States software firm MicroStrategy’s loan being liquidated at $21,000.

Nothing remotely similar happened as Bitcoin (BTC) retested the $25,800 support on May 12, apart from the network congestion and increased transaction fees. Traders and analysts speculated that a coordinated attack was aimed at causing network instability.

Bitcoin 2-month futures annualized premium. Source: Laevitas
Bitcoin 30-day options 25% delta skew. Source: Laevitas

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