Bitcoin
Bitcoin Call Options Hit 172K As Bitcoin Pockets $64,000, $100K Down?
Bitcoin price is above the $64,000 support/resistance after the early week’s uptrend fell short of the $65,000 barrier on Monday.
Bitcoin Price Update
A 3.8% increase in value over the last seven days assures investors of potential bullish results in the coming days and possibly weeks.
The regulatory landscape in the US is still a ticking time bomb, with reports that Robinhood, a well-known crypto trading platform, has received a warning from the country’s Securities and Exchange Commission (SEC). The Well Notice often comes before an enforcement action.
Investors interpret the unstable regulatory environment as bad for Bitcoin and cryptographic assets. This may explain the persistent outflow of digital asset investment products. According to CoinShares weekly report shared by Wu Blockchain, total outflow last week reached $251 million – a significant increase from the previous week’s $156 million.
What does this mean for Bitcoin
Bitcoin corrected below $64,000 on Monday and confirmed support at $63,000. Bulls who did not give up on the weekend rally managed to reverse the trend, although stagnation is anticipated during the coming sessions unless Bitcoin breaks through stubborn $65,000 resistance.
Why is Bitcoin up today?
The optimistic outlook stems from the number of call options, which according to Currency Currency data, increased to 172,447. This significant achievement represents 66.87% of all active options, with put options suppressed at 85,420.
Bitcoin Options Statistics | Currency Currency
The higher percentage of call options reveals an improvement in sentiment across the market, with some traders predicting a rally to $100,000.
Bitcoin Price Technical Outlook: Where to Next?
The biggest cryptocurrency is above crucial $64,000 support after plunging to $56,500 last week. A buy signal presented by the Moving Average Convergence Divergence (MACD) supports the uptrend. Traders will likely continue to keep their buy positions open as the MACD line in blue recovers towards the neutral area.
Bitcoin Price Chart | Trading view
A daily close above the 20-day exponential moving average (EMA) (the line in blue) is currently being sought to validate the anticipated move to $67,500.
However, more resistance at the 50-day EMA (the red line) is making the recovery an uphill battle. For Bitcoin to become strongly bullish, a break above the two dotted trendlines is necessary.
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