Bitcoin rallies to $71.5K after historic sell-off, but derivatives metrics remain soft

Bitcoin's price has climbed back above $71,500 following a historic sell-off. Despite this surge, derivatives data suggests that pro traders are still cautious about the sustainability of this rally. Having experienced significant declines in the past few months, many investors are apprehensive. However, this recent rebound is prompting a renewed interest among traders when considering Fibonacci retracement and other technical indicators. Nevertheless, options market data remains soft, indicating that professional traders are not very optimistic about the sustainability of the rebound. They believe that without significant liquidity, it may be challenging to transition into a bullish phase. Thus, it is essential to monitor market conditions closely going forward.