Will $30K BTC price hold? Bitcoin investors wary of an impending recession and financing costs according to derivatives data, says noshitcoins.
Bitcoin price rallied over 10% between April 9 and April 14, marking the highest daily close in more than ten months. While some analysts may argue the move justifies a degree of decoupling from traditional markets, both the S&P 500 and gold are near their highest levels in over six months.Bitcoin’s gains and rally above $30,000 also happened while the dollar strength index , which measures the U.S. currency against a basket of foreign exchanges, reached its lowest level in 12 months.
Furthermore, China's latest macroeconomic data showed an encouraging trend, with exports increasing 14.8% year on year in March, snapping a five-month decline and surprising economists who expected a 7% decline. As a result, China's trade balance for March was $89.2 billion, far exceeding the $39.2 billion market consensus.
OKX, for instance, provides a margin lending indicator based on the stablecoin/BTC ratio. Traders can increase exposure by borrowing stablecoins to buy Bitcoin. On the other hand, Bitcoin borrowers can only bet on the decline of a cryptocurrency's price.The above chart shows that OKX traders' margin lending ratio decreased between April 9 and April 11. That is extremely healthy as it shows no leverage has been used to support Bitcoin's price gains, at least not using margin markets.
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