Bitcoin (BTC) fresh surge did not come as a surprise for crypto enthusiasts amid growing anticipation and greed in the market. The world’s biggest digital asset’s upward momentum continues as it breaches another all-time high, surpassing $70,000. However, experts suggest that $100,000 is now on the radar.
Bitcoin options data shows new trajectory
BTC saw a remarkable seven-week run by recording a surge of over 70%. The options market witnessed notable shifts in open interest. The betting for call options with strike prices of $80,000 and $100,000 is on a surge.
According to the data, open interest in these options has seen a jump of more than 12% in the last 24 hours. This indicates a growing bullish sentiment among traders and investors. Experts anticipate the potential for Bitcoin to reach $80,000 by the end of the month. They highlight the entrance of FOMO (Fear of Missing Out) players and the impact of recently introduced ETFs.
BTC price is up by around 50% in the last 30 days, however, it added the last 10% in the last 7 days. Bitcoin is trading at an average price of $68,500, at the press time. Its 24 hours trading volume is up by 38% to stand at $56.8 billion.
The global crypto market is rejoicing in this surge as it recorded a jump of around 2% over the last 7 days. The total market cap now stands at $2.61 trillion. The 24 hour trading volume is up by 14% to stand at $148 billion.
What’s this surge?
The current trading in the options market shows that a more confident rally is coming up as compared to the last scenarios. The OI for higher strike prices signals a jump in confidence in Bitcoin’s ability to extend its gains. On the other hand, lower volatility and leverage in the options and futures markets show a healthier market condition.
Data shows that the annualized funding rate for Bitcoin perpetual futures on Binance is around 57%. It directly indicates lower leverage compared to the rate exceeding 100% observed earlier in the week.
It is important to note that optimism surrounding record inflows into newly launched spot Bitcoin exchange-traded funds (ETF) is a major catalyst for the ongoing bull run. Meanwhile, market participants remain vigilant about potential risks and volatility. The crypto cycle is moving in a phase where increased speculation, hotter money, and jump valuations coexist. But this also highlights the need for caution.
