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Bitcoin (BTC) has recorded its first three-week winning streak since February, signaling a significant upward shift in its price. In the last week alone, BTC climbed over 3%, following increases of more than 7% in each of the previous two weeks. This rally has been driven by key factors, including a major stimulus announcement from China and substantial inflows into U.S.-listed spot ETFs, equivalent to more than a month’s worth of newly mined Bitcoin.
Traders are noticing a notable rise in call option buying, especially at the $75,000 strike price and above, along with a corresponding increase in put selling on the Deribit exchange. This activity reflects a bullish outlook among traders, who anticipate that BTC is on the verge of breaking out of a six-month corrective phase, which analyst Peter Brandt refers to as the “expanding triangle.”
Greg Magadini, Director of Derivatives at Amberdata, emphasized that this pattern of options trading signals growing optimism for Bitcoin’s future price trajectory. The interplay between call and put options suggests that traders are gearing up for further price increases, reinforcing confidence in Bitcoin’s upward momentum.
A potential breakout would indicate that the broader uptrend, which began from the October 2023 lows below $30,000, has been reinstated.
“A break above $75K could lead to a swift rally through all-time highs toward $100K, where the last tranche of call buyer activity is concentrated in the December 27, 2024, expiration,” Magadini said.
