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The lack of concrete action from the Bitcoin Strategic Reserve has dampened traders’ optimism about the cryptocurrency’s near-term trajectory, according to a market analyst.
Nick Forster, founder of options trading platform Derive, said in a note that 83.3% of Bitcoin options contracts were put options as of February 25. This suggests that traders expect the price of Bitcoin to remain flat or decline.
US President Donald Trump’s recent move to sign an executive order to explore a national digital reserve, rather than a specific Bitcoin reserve, has left the Bitcoin community frustrated. According to Forster, the market has been waiting for concrete action, such as the creation of a national strategic reserve, rather than vague promises.
Bitcoin is currently trading at $105,100, down 3.8% from its recent high of $109,000. 3 replies
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