Is Bitcoin Poised for a Breakout? $100K Call Options Signal Big Expectations

Name	Symbol	Market	Market Cap ($)	Algorithm
TRON	TRXUSD	Crypto	11,862,428,100	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

TRON

TRXUSD

Crypto

11,862,428,100

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.000042	0.03%	0.134769	0.134725	0.13479

Price Change

Price Change %

Current Price

Bid Price

Offer

0.000042

0.03%

0.134769

0.134725

0.13479

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.134812	0.1346	0.134727	0.134727	0.071373 - 0.144371

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.134812

0.1346

0.134727

0.071373 - 0.144371

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	08:23:35	336.07	0.134769	USD

Exchange

Last Trade

Size

Trade Price

Currency

KRKN

08:23:35

336.07

0.134769

USD

Price x Volume	Volume	Base Symbol	Related Pairs
23,653.25	175,613.42	TRX	TRXEUR	TRXGBP	TRXBTC

Price x Volume

Volume

Base Symbol

Related Pairs

23,653.25

175,613.42

Is Bitcoin Poised for a Breakout? $100K Call Options Signal Big Expectations

20/07/2024 3:30am

NEWSBTC

While Bitcoin maintains its price above the $60,000 range, some institutional investors are positioned for a positive price trajectory with call options betting on up to $100,000 come year-end. Despite recent pressures from substantial Bitcoin liquidations by the Mt. Gox distribution and sales by the German government, Bitcoin’s price remains notably resilient. These developments indicate a strong appetite for big-money cryptocurrency investments, especially from experienced investors looking to profit off potential end-of-year rallies. Related Reading: Bitcoin (BTC) Could Be On The Verge Of a 30% Gain, Here’s Why $100,000 Call Options Signals This QCP Capital’s analysis highlights this trend, pointing out the continued confidence among institutions despite the German government’s injection of nearly 50,000 BTC into the market and the distribution of over $6 billion worth of Bitcoin to Mt. Gox creditors. These events have significantly increased the available supply of Bitcoin but have surprisingly not dampened the bullish market sentiment. Instead, they have catalyzed a strategic interest in December call options at the $100,000 strike price, underscoring a strong institutional belief in Bitcoin’s upward potential. This update signals that amid the happenings in the crypto market; institutional traders are not just passively observing but actively positioning themselves for what they believe will be a significant uptick in Bitcoin’s value. The focus on December $100,000 call options is more than speculative; it reflects a calculated bet on Bitcoin’s performance amid forthcoming market catalysts like the US elections. QCP Capital noted: This signals an even stronger conviction of a year-end rally as the odds of a Trump victory increases. Bitcoin Stabilizes in Familiar Trading Range Furthermore, QCP Capital revealed that with the perpetual funding rates stabilizing and volatility tapering, Bitcoin appears to be settling into a predictable trading range. This environment provides a relatively stable backdrop for institutions to place substantial bets. According to QCP Capital, large trades are centered around the $67,000 strike options, suggesting market players anticipate moving towards these levels before the month is out. This indicates that while the year-end may be a focus, these institutional players also see intermediate milestones. Related Reading: Watch Out Bears: Bitcoin’s Rally To This Mark Could Trigger $19 Billion Short Squeeze QCP Capital particularly noted: “Perp funding is back to flat, vols are drifting lower and BTC is back in the familiar range of 61k to 71k where it traded within for the entire of Q2 this year. While spot could range here in the near term, especially with dealers very long the 26-Jul 67k Strike, the market is definitely betting big on a breakout heading into the US elections.” Meanwhile, at the time of writing, Bitcoin still maintains its price above the $64,000 mark. Over the past 24 hours, the asset has surged by 2.6% to trade for $65,331 at the time of writing. Featured image created with DALL-E, Chart from TradingView

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