Bitcoin's Price Gains Fail to Impress Traders Despite Climbing Above $28K.
Despite gaining up to 7.5% versus its March 28 lows, Bitcoin is causing more suspicion than excitement with its return to local highs, with traders remaining risk-off under current conditions. Some traders argue that the bounce came courtesy of large-volume traders and was nothing more than a product of their strategies. Others looked to longer timeframes to make the case for Bitcoin at least taking a breather in its current trading range, with the area around $28,000 being the most active in terms of volume. The resumption of liquidity injections from China’s central bank is a potentially key event given crypto markets’ susceptibility to central bank liquidity.