Kryptodata

  • Market Cap: $2,537,164,889,500.47
  • 24h Vol: $93,063,936,883.04
  • BTC Dominance: 51.91%
Binance legal battle fuels bullish momentum, Bitcoin price targets $28K

Binance legal battle fuels bullish momentum, Bitcoin price targets $28K

Margin and option metrics are providing hints about Bitcoin’s potential path to $28,000 amid the ongoing legal battle between Binance and the SEC. The recent rejection of the SEC’s request for access to Binance.US’s systems has temporarily boosted Bitcoin’s price, but the risks for Binance still remain. However, metrics related to Bitcoin derivatives, such as margin and options, can provide insights into the market sentiment. The margin-lending ratio for OKX traders has dropped, indicating a decrease in leverage long positions. Additionally, the put-to-call ratio for Bitcoin options volume has shifted towards a balanced level, suggesting reduced interest in protective puts. This indicates a balanced demand between long and short positions and hints at buying support from spot orders. With a three-week window until the next court hearing, a Bitcoin price rally above $28,000 is a possibility.

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