On Thursday, the price of Bitcoin (BTC) approached the $78,000 level but failed to maintain momentum due to negative forecasts from US retailer Walmart and concerns over tight monetary policy. Nevertheless, professional traders continue to increase their "long" positions despite macroeconomic uncertainties, reports Cointelegraph.com. reports .
According to CoinGlass, the long-to-short ratio of top traders on Binance and OKX has reached its highest level in two weeks. This indicates growing investor confidence in the $76,000 support level. On Binance, buyer dominance reached 8%, while OKX users have also significantly reduced their "short" positions.
Market caution was triggered by Walmart's low-performance forecast for 2027. CFO John Furner noted that low-income consumers are facing financial difficulties. Additionally, Brent crude oil prices remaining above $95 are increasing inflationary pressure, limiting the Fed's ability to cut interest rates.
Currently, market participants estimate a 37% probability of an interest rate hike by September, whereas a month ago this figure was 0%. Although high interest rates are a burden on the $39 trillion US national debt, this situation could lead to a faster expansion of the monetary base and increased investor interest in assets like Bitcoin.
The Bitcoin price on Coinbase is trading at a 0.10% discount compared to other exchanges, indicating slightly sluggish institutional demand. Although $2.07 billion has flowed out of US spot Bitcoin ETFs since May 12, funding rates in the futures market remain neutral, suggesting a low risk of a sharp market crash.
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