Bitcoin Bulls Eye on $75 Thousand

According to TradingView data, bitcoin (BTC) recorded a three-week gain trend for the first time since February. The rise was attributed to investors purchasing call options and offers the potential for an asymmetric upside move above $75,000.

The leading cryptocurrency by market cap rose over 3 percent in the seven days through Sept. 29. China’s stimulus announcement and more than a month of recorded inflows into US-listed spot ETFs equivalent to BTC supply helped the cryptocurrency maintain its upward move.

As prices rose, so did interest in the $75,000 options listed on crypto exchange Deribit, according to data tracked by Amberdata.

“This flow pattern signals a bullish outlook for spot prices, while also triggering an acceleration in price movements,” said Greg Magadini, Director of Derivatives at Amberdata.

According to senior analyst Peter Brandt, all these developments indicate that the cryptocurrency may break out of the six-month correction trend called the “expanding triangle”.

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“A break above $75,000 could lead to a rapid rally from all-time highs towards $100,000,” Magadini said.