Bitcoin derivatives favor further BTC price rally toward $30K
Bitcoin’s price might have held near $28,000, but the absence of shorts using margin and futures markers is a bullish indicator. Despite regulatory pressure and worsening macroeconomic conditions, Bitcoin (BTC) demonstrated bullishness, holding near $28,000 for the past week. Furthermore, professional traders have maintained leveraged long positions on margin and in futures markets, indicating strength. On the regulatory front, on April 4, the Texas Senate Committee on Business and Commerce agreed to move forward and remove incentives for miners operating within the state’s regulatory environment. If passed, Senate Bill 1751 would cap compensation for load reductions on Texas’ power grid during emergencies. Risk of recession grows against rate hikes The risk of a recession in the United States grew after applications for unemployment benefits in the week ending March 25 were revised to 246,000, up 48,000 from the initial report. Furthermore, Kristalina Georgieva, managing director of...