Bitcoin’s battle for $70K continues as data shows traders avoiding bullish positioning

Rising inflation concerns weigh on Bitcoin’s breakout as traders refuse to take on bullish positions, despite Monday’s 4% price bounce.

Key takeaways:

Bearish Bitcoin futures premiums and low call option odds suggest traders remain skeptical despite BTC’s brief 4% relief rally.

High oil prices and cautious Fed policy continue to pressure risk assets, while Bitcoin derivatives metrics signal a lack of conviction.

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