Bitcoin's Future Uncertain as Market Volatility Continues.

Bitcoin's price has been trading within a narrow range for the past 17 days, causing the 40-day volatility metric to drop below 40%. While macroeconomic conditions remain the main driver for risk markets' price fluctuations, Bitcoin futures and options data suggest that $28,000 is unlikely to become the new resistance. However, investors have lost interest in risk assets and concentrated their bets on fixed-income trades due to inflation risks, an economic downturn, and a weakening US dollar. Bitcoin futures display weak demand from longs, and the Bitcoin options risk metric stood neutral, suggesting that pro traders are less confident and favoring sideways trading.