As the crypto market awaits comments from Federal Reserve Chair Jerome Powell and key unemployment data, Bitcoin (BTC) opened Monday morning with a dip in Asian markets.
Despite the recent pullback to $64,000, Bitcoin still maintains a strong upward trend, marking its first three-week rally since February. According to Amberdata, this bullish movement is supported by investors purchasing call options, pointing toward a potential breakout above $75,000.
Amberdata’s Derivatives Director Greg Magadini told Coindesk that BTC increased by more than 3% in the last week of September, continuing its prior two-week gains of 7%. This three-week uptrend reflects growing momentum in the market.
Magadini highlighted that option traders are heavily buying call options for Bitcoin at strike prices of $75,000 and higher on Deribit, suggesting a bullish outlook. He emphasized that if Bitcoin breaks above $75,000, the price could quickly soar to $100,000.
“The flow pattern from the options market indicates a bullish sentiment for spot prices due to put selling, and also forecasts an acceleration in price movements,” Magadini explained.
Magadini added that a break above $75,000 would signal a rapid surge towards $100,000, potentially driven by call buyers targeting the December 27, 2024, expiration date, where activity is heavily concentrated.
He also noted that such a breakout would mark the resumption of the broader uptrend that started in October 2023, when BTC rebounded from lows below $30,000.
