On May 27th, it was reported that the latest briefing released by the well-known financial institution QCP shows that Bitcoin responded relatively restrained in the face of macroeconomic development last Friday. Despite the significant rebound of the stock market on that day, Bitcoin did not experience sharp fluctuations accordingly. Currently, the demand for spot ETFs from institutions remains stable, which provides a certain degree of fundamental support for the price of Bitcoin. Under the game of bulls and bears, the price of Bitcoin has consolidated within the narrow range of $107,000 to $110,000. However, it is worth noting that its short-term implied volatility remains firm, reflecting the potential uncertainty in the market and the cautious sentiment of investors.
The Bitcoin Conference is approaching, and market traders are on high alert
Market traders seem to be preparing for the risks that may arise from the Bitcoin conference to be held in Las Vegas from May 27th to 29th. This conference has attracted much attention. The lineup of speakers at the conference is powerful, including US Senator JD Vance, MicroStrategy CEO Michael Saylor, and members of the Trump family, etc. The remarks and viewpoints of these industry bigwigs and political figures are highly likely to have a significant impact on market sentiment and the price trend of Bitcoin.
Before the conference was held, investors chose to operate cautiously to avoid suffering losses due to sudden market fluctuations. This also explains why the price of Bitcoin is currently fluctuating within a narrow range, while its short-term volatility remains high. During the conference, the market will closely monitor the dynamics of all parties, attempting to capture clues about the future price trend of Bitcoin from the information conveyed at the meeting. It is expected that market fluctuations may further intensify during the conference.
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