BTC derivatives show moderate bullishness, paving the way for further gains above $70,000.
The Bitcoin (BTC) price has downtrended since it tested $70,300 on May 27, and is currently near $67,500, a 4% drop in two days. However, the $66,000 support has been holding firm since May 17, providing some reassurance to the bulls who are not yet alarmed by this correction.
The potentially concerning data comes from Bitcoin derivatives markets, as the number of BTC equivalent leverage bets, known as open interest, rose to a 16-month high on May 29.
Macro trends have influenced Bitcoin's performance as the S&P 500 is currently just 1.2% below its all-time high of 5,342 from May 23, indicating a robust stock market. Additionally, the 5-year Treasury yield has increased to 4.63% from 4.34% two weeks ago, suggesting that traders are moving away from fixed-income positions.
