On April 9, Bitcoin surged 5% to reclaim the $83,000 level following U.S. President Donald Trump's announcement of a 90-day pause on tariffs, excluding those against China. In contrast, Bitcoin derivative metrics remain cautious, reflecting skepticism about whether the Federal Reserve will cut interest rates this year. The 10-year U.S. Treasury yield's volatility heightens trader hesitation, as concerns about stagflation emerge from the recently released FOMC minutes. The probability of rate reductions dropped significantly, resulting in skepticism around foreign holdings of U.S. Treasuries. In Bitcoin options markets, the 25% delta skew returned to a neutral stance, indicating equal price movement probabilities after peaking at 12%. However, the funding rate for perpetual futures rose to 0.9%, suggesting retail buying interest but still within a neutral range. Current sentiment reflects uncertainty, and analysts suggest that improved macroeconomic indicators, particularly a decrease in the 10-year yield, may encourage Bitcoin traders to adopt a bullish outlook.

Source 🔗