Bitcoin's $28K Support Threatened Amidst Volatility and Investor Abandonment.
Despite a 5% pullback in Bitcoin's price, two indicators - margin markets and derivatives markets - remain solid, indicating that professional traders are still optimistic about the cryptocurrency's future. The margin lending ratio on OKX increased between April 17 and April 30, indicating that leverage has been used to support Bitcoin's price gains. Meanwhile, the long-to-short indicator on futures contracts at exchanges like OKX and Binance shows that professional traders have increased their leveraged long positions, favoring longs. The upcoming Federal Reserve decision on interest rates on May 3 is causing some concern among Bitcoin investors, but for now, both margin and futures market indicators remain healthy.
