🚀 Attention crypto enthusiasts! Bitcoin saw a 5% rise after testing the $25,000 support level on September 11. Despite this, a victory for the bulls is not guaranteed. In contrast, the S&P 500 index and gold have maintained stable positions during this period.

Although there are major catalysts like MicroStrategy's plan to acquire an additional $750 million in BTC, Bitcoin has struggled to gain momentum. However, bulls are confident that $25,000 marked a low point and opened room for more gains.

📈 Some argue that Bitcoin's main drivers for 2024 are still in play, such as the prospect of a spot ETF and reduced supply after the April 2024 halving. Additionally, some immediate cryptocurrency market risks have diminished.

🐻 On the other hand, the bears have advantages, such as the ongoing legal cases against leading exchanges such as Binance and Coinbase. Additionally, there is the difficult financial situation of the Digital Currency Group after one of its subsidiaries declared bankruptcy in January 2023.

🔍 Analyzing derivatives metrics can better explain how professional traders are positioned in current market conditions.

🤔 Given the macroeconomic uncertainty, cryptocurrency traders are likely to be cautious and prefer a "return to the mean." However, from a bullish perspective, the fact that derivatives markets held their own during the decline below $25,000 is a promising sign.

🤷‍♂️ Ultimately, both bulls and bears have significant triggers that could influence the price of Bitcoin, but predicting the timing of events like court decisions and ETF rulings is difficult.

💬 What do you think about the future of Bitcoin? Share your thoughts in the comments!