Bitcoin Price Surge Meets Derivatives Caution: A Market Standoff

May 17, 2024

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Bitcoin Stalls At The Gate: Derivatives Traders Stay Cautious Despite Price Rise


Bitcoin experienced a notable price surge, reaching a three-week high amid a cautious stance from derivatives traders. While the market showed bullish signs, the derivatives metrics did not reflect the same level of enthusiasm, possibly due to lingering uncertainty and lack of conviction among traders.


Bitcoin’s price surged by 8.4% between May 15th and 16th, hitting $66,750 after testing support around $57,000 earlier in May. Despite this positive momentum, derivatives market indicators are not aligning with the price action, indicating a possible hesitance among traders.

Main Points

Derivatives traders are exhibiting caution for various reasons, including the uncertain macroeconomic environment, lack of conviction in a sustained upward trend, and potential profit-taking strategies. The muted response from derivatives traders may not necessarily signal a bearish reversal but could suggest a period of consolidation before a significant market move.


Monitoring Bitcoin’s behavior around current resistance levels and observing derivatives activity will be crucial in determining the market’s future direction. A decisive breakout coupled with increased derivatives participation could indicate a resurgence of bullish sentiment, while a lack of momentum in derivatives trading might imply a more reserved outlook for Bitcoin in the near term.