Bitcoin Struggles to Break Above $31K as Crypto Market Remains Volatile

Bitcoin has failed twice to break above the $31,000 level, with futures traders likely responsible for keeping the gains in check. The increase in open interest in stablecoin-margined futures contracts suggests an influx of bearish short positions in the market. The release of a softer-than-expected U.S. consumer price index report further contributed to the retreat from the $31,000 level. This level has now become a key resistance to watch in the short-term. Bitcoin is currently trading at around $30,350.