Bitcoin remains rangebound, hovering around its yearly lows, with some short timeframe bullish momentum. The cryptocurrency suffered amid the FTX’s collapse and the subsequent contagion, but market participants seem more optimistic about potential profits.
As of this writing, Bitcoin has retraced back to yesterday’s highs. The BTC’s price is trading at $16,500 with sideways movement across the board. Other cryptocurrencies in the top 10 by market cap display similar price action. XRP remains the best-performing asset on the ranking.
BTC’s price moving sideways on the daily chart. Source: BTCUSDT Tradingview
Bitcoin Sentiment Improves On The Derivatives Sector
Data from the Options platform Deribit indicates that the shift in sentiment impacts this sector. The FTX collapse and the uncertainty around other crypto companies, such as Digital Currency Group (DCG) and crypto lender Genesis, kept the market on its toes.
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