Following Jerome Powell’s announcement that ruled out further rate hikes, the leading cryptocurrency by market value (BTC) has seen an incredible 12% increase to $63,470, which resulted in traders and investors shifting their focus to the $100,000 level.
Market Sentiment:
These are contracts from optimistic crypto options traders who expect a spike that can send the digital asset soaring higher. In this regard, the demand for out-of-the-money calls with strikes from $70k to $100k shows high optimism in the market.
Institutional Interest:
Leading cryptocurrency exchange Deribit and OTC networks have reported increased demand for Bitcoin call options. These options target new highs above $75,000 and possibly even reaching a hundred thousand dollars. QCP Capital stated that volatility and rates had bullish follow-through while BTC risk reversals turned positive; signaling calls becoming more expensive than puts on Monday’s note.
Analysts’ Take-
10X Research has now shifted its ‘line in the sand’ from 68,300 to 62,000, indicating that new thresholds could signal a bullish on BTC. Siwssblock Insights anticipate that until Jerome Powell’s stance is questioned, the dollar index (DXY) will remain defensive with weaker DXY usually favoring risk assets such as cryptocurrencies.
Data-
A Tale Of Numbers Looking at Deribit’s data reveals how much the market is banking on things going well. Traders have committed more than $688m buying into $100K strike call options across various maturities which stand as out-of-the-money interests in their put option counterparts. More than 150k call option contracts worth $9.5bn are open and this amount represents over two times the put options open interest.
Technical Analysis:
Charting The Course According to Elliot wave analysis done by John Glover who is Ledn’s Chief Investment Officer (CIO), BTC/USD may spike up to $92k. Though it might have finished a pullback towards $56.5k, he envisages an impending zone wherein prices oscillate between about 52-55k before Wave Four comes to an end.
Conclusion-
Bitcoin price has gone up a lot recently, and now it’s at $63,470. This happened after the U.S. Federal Reserve said they won’t make it harder to borrow money. Because of this, people who trade Bitcoin are getting excited and think it might even reach $100,000. They’re buying options, which are like bets, saying that Bitcoin will keep going up. Analysts, who study the market, also think Bitcoin will keep rising. So, everyone’s watching to see if Bitcoin will really hit that big $100,000 number soon.
That’s it about the Bitcoin Rebound News from our side!
With Reading Crypto you get access to all the daily happenings of the crypto world along with some tips and techniques to ace the game.
Disclaimer: This post is intended solely for informational purposes and should not be taken as legal, tax, investment, financial, or any other form of advice. Although all the information provided is true to the best of our knowledge, it is advisable to research well before making any kind of investments or decisions in general. The team of ReadingCrypto bears no responsibility in the event of any adverse outcomes.
