Bearish Sentiment Keeps Bitcoin in Check

Bitcoin has been stuck in a trading range while facing mounting regulatory headwinds and the collapse of another crypto exchange. Bitcoin's price has been closely aligned to economic reports and market headlines, and its price initially jumped after the most recent CPI report but pulled back to the mid-27,000 range. Bitcoin has also been under pressure as some major investors known as whales have sold substantial sums of their coins of Bitcoin as it rallied towards 30,000. The whale's sell-off has created a barest sentiment in the market as many investors fear that Bitcoin may enter a prolonged downtrend. Though the price of Bitcoin has flatlined recently in the 27,000-30,000 range, average daily volume for Bitcoin futures at the CME actually increased by 28% in April. In addition, the CME Group will soon offer new expirations for options on both Bitcoin and Ether futures with expirations available every day of the week, and that will start on May 22.

finance, news, Bloomberg