Bitcoin surprised investors with a sharp sell-off today, but derivatives metrics are still neutral-to-bearish despite the 14% intraday correction.
Bitcoin (BTC) experienced a 14% price correction, dropping to $59,300 after reaching an all-time high of $69,150 on March 5. The challenge now lies in reclaiming the $64,000 support. According to BTC derivatives data, professional traders maintain a slightly bullish stance despite today’s short-term volatility.
Interestingly, Bitcoin's correction coincided with a 2.6% retracement in the tech-heavy Nasdaq-100 index futures, which hit an all-time high of 18,377 on March 4. The stock market showed early signs of stress following a consumer research firm's estimation that Apple iPhone sales in China declined by 24%.
Furthermore, shares of New York Community Bancorp (NYCB) continued to decline after the lender replaced its CEO, citing "material weaknesses" in internal controls. Investors sought refuge in gold as the precious metal gained 4.2% in four days, currently trading near its all-time high.
