Bitcoin Price Lacks Momentum Amid Institutional Caution

Despite a 7% price increase since Sunday, bitcoin's value of $70,625.85 remains uncertain, with its recovery stalling near $72,000 ahead of key events such as the US inflation report and US-Iran talks. Institutions are adopting a cautious approach, using call options to bet on potential gains while also buying puts for protection against declines. According to QCP Capital, there is demand for the $45 call expiring in May, indicating traders expect the price to rise above this level. However, the demand for puts persists, revealing a lingering bias for downside protection. The US consumer price index for March is expected to show a significant increase in annualized inflation, potentially leading to market volatility. The outcome of the US-Iran talks may also impact financial market stability, with a potential end to the war and normalization of oil tanker traffic through the Strait of Hormuz likely to accelerate bitcoin's rally.