Bitcoin price broke to the upside, but where are all the leveraged long traders?

2022.06.02 02:01

Bitcoin price broke to the upside, but where are all the leveraged long traders?

This week’s Bitcoin (BTC) chart leaves little doubt that the symmetrical triangle pattern is breaking to the upside after constricting the price for nearly 20 days. However, derivatives metrics tell a completely different story because professional traders are unwilling to add leveraged positions and are overcharging for downside protection.

Whether BTC turns the $30,000 to $31,000 level into support depends to some degree on how global markets perform.

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