Bitcoin Bulls Bet Big on $65K – Are We Heading for Another Surge? - Info Forex 24 Hours - Daily Signal

June 26, 2024 | Read Online

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Hey Crypto Crew,

Welcome back to your favorite spot for the latest in crypto craziness! This week, Bitcoin traders are showing some serious guts, betting on a huge price surge despite some looming market risks. Let's dive into what's going on and why everyone's buzzing.

SURGE
Bitcoin's Market Sentiment Soars as Traders Target Options Over $65K

2-minute read

Key Points:

Bullish Bets: Traders are snapping up Bitcoin call options with sky-high strike prices, betting on a major price increase.
Deribit Dominance: Significant trading activity on Deribit, the leading crypto options exchange, targeting $65K and beyond.
Mixed Signals: Despite technical indicators warning of an overbought market, optimism remains strong, bolstered by robust ETF inflows.
Genesis Concerns: Potential market impact from the possible liquidation of $1.6 billion in crypto assets by Genesis.

Deep Dive:

Over the weekend, Bitcoin enthusiasts were busy on Deribit, the top crypto options exchange, betting on prices reaching $65,000, $70,000, and even $75,000. This wave of optimism mirrors the 2020-2021 bull run, suggesting traders believe another surge is on the horizon.

Kelly Greer from Galaxy noted a significant buildup in open interest around $50K call options, with heavy trading at $60K and $75K for options expiring between April and June. This shows that investors are ready to pay a premium, banking on Bitcoin's continued rise.

Despite a Relative Strength Index (RSI) signaling an overbought market, Bitcoin's recent climb from $38,500 to $50,000 in three weeks has traders feeling bullish. But caution is advised as Genesis seeks to liquidate $1.6 billion worth of crypto assets, which could put downward pressure on prices.

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Why it matters:

This trend highlights the predictive power of the options market and the strong belief among traders in Bitcoin's potential. However, with mixed signals from technical indicators and potential market disruptions from Genesis, staying informed and cautious is key.

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Happy Trading,
The Crypto News Team

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