While oil prices immediately tumbled 14% to $85 per WTI barrel and the S&P 500 climbed 3%, Bitcoin derivatives metrics continued to signal skepticism and a lack of confidence in the $68,000 support level. USD stablecoins traded at a 1.3% premium against the official US dollar to yuan exchange rate on Monday, indicating that there is not a particular imbalance between buying and selling demand in the region. Until oil prices revert back to $75 or lower, odds are traders will act cautiously, but additional catalysts may need to emerge for Bitcoin traders to turn bullish, especially considering the persistent lack of conviction in onchain and derivatives metrics.
Author: Cointelegraph by Marcel Pechman
Published at: 2026-03-23 22:26:40
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