Bitcoin futures and options markets indicate that the prevailing sentiment remains bullish.
Bitcoin (BTC) regained support at $69,000 on June 12 after its price dipped to $66,000 the previous day owing to macroeconomic uncertainties, miner selling pressure and outflows from spot exchange-traded funds (ETFs). Moderately positive inflation data in the United States set a more favorable stage for risk-on assets, including Bitcoin, propelling the S&P 500 to a record high on June 12.
Traders are now debating whether Bitcoin can surpass the $72,000 mark, with the derivatives market seeming to support such a possibility.
The U.S. Consumer Price Index (CPI) for May showed a 3.3% increase from the previous year, propelled by a 3.6% decrease in energy prices. According to CNBC, this data, although higher than the U.S. Federal Reserve’s target, was lower than market expectations and suggests potential interest rate cuts by September. Consequently, U.S. Treasurys saw selling pressure, pushing the two-year yield to its lowest in 10 weeks at 4.68%.
