- Bitcoin was able to resist the recent wave of FUDs and is trading at $17,452 per coin.
- 3-month futures at the Chicago Mercantile Exchange has turned premium for the first time after 3 months.
- Bitcoin bulls have been successful in defending $16,000.
Fear, uncertainty, and doubt (FUD) have been creeping into the crypto industry again, preventing further recovery from what appears to be its worst period in a long time — namely, the last quarter of 2022.
FUDs Left and Right
Specifically, some influential people have started making negative comments about Bitcoin (BTC) and other prominent altcoins including Binance Coin (BNB). JPMorgan CEO Jamie Dimon once again criticized Bitcoin as a decentralized Ponzi scheme, while well-known crypto analysts remain bearish on BTC despite its surge to $17,400.
On top of these, other negative reports related to Sam Bankman-Fried and Do Kwon have surfaced, affecting BTC, albeit in an indirect manner.
Given that Bitcoin has been a major influence on the movement of the entire crypto market, it is safe to assume that its price movement is affecting the positive sentiment floating around in the crypto industry today.
Why Bitcoin Is Resisting FUDs
Two reasons enabling BTC to resist the recent onslaught of FUDs are the following: the unfailing energy of BTC influencers and BTC’s bullish futures on the Chicago Mercantile Exchange (CME).
In detail, Bitcoin supporters hit back at detractors, saying that they are merely using the same script to keep prices lower. In turn, this will allow them to purchase BTC at a cheaper price. Crypto analyst Lark Davis even added that BTC is more than an investment — it is an “escape plan.”
Meanwhile, reports showed that the three-month Bitcoin futures on CME have turned premium for the first time after the infamous FTX collapse. This holds significant weight, especially since institutions may be turning bullish after a long time.
Overall, BTC has successfully weathered the storms in the last three months, with bulls holding the line at $16,000. However, time can only tell if BTC will be able to successfully turn $17,500 into support, or if another bottom is in sight.
At the time of writing, BTC is changing hands at $17,452.84, according to CoinGecko.
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