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