Bitcoin Struggles to Break $28k as Sentiment Sours Despite Macro Uncertainty
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Bitcoin price rejected at $28k on Oct 8, indicating reduced appetite for leverage buyers based on declining futures premium.
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BTC options metrics switched to "fear" mode on Oct 10, with protective puts trading at 13% premium over calls.
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Multiple postponements of Bitcoin spot ETF decisions and concerns over exchanges' terrorist exposure have dampened sentiment.
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Despite macro uncertainty, negative sentiment seems to invalidate Bitcoin's hedge protection from predictable monetary policy.
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Derivatives metrics suggest low likelihood of Bitcoin breaking above $28k in short term.
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