Bitcoin Reaches $100,000 Mark, Market Remains Calm

HTX Researcher Chloe, in the latest HTX DeepThink column, noted that Bitcoin has returned to the $100,000 mark. However, the market has not exhibited signs of a frenzied rally. The Bitcoin options implied volatility (IV) remains within the 50%-55% range, which is notably lower than the 80%+ levels observed during the peaks of previous bull markets. Additionally, the CME Bitcoin futures open interest stands at approximately $14.8 billion, which is lower than the $20 billion peak recorded during the 2020 U.S. presidential election.

Chloe highlighted that if the U.S. bond yield does not exceed 4.8% again and ETF funds continue to flow in, Bitcoin may experience fluctuations and consolidate within the $105,000 to $115,000 range, awaiting a new breakthrough opportunity. She also emphasized the importance of monitoring the uncertainty surrounding trade negotiations between the U.S. and China, as well as between the U.S. and Europe. If trade friction intensifies, it could exert pressure on market sentiment and cryptocurrency prices.

In her previous column, Chloe had predicted the possibility of a liquidity window in early May through macro data analysis, which could facilitate the return of funds to the market. This prediction aligns with the current market conditions, where Bitcoin has shown resilience and stability despite the absence of a frenzied rally.