Bitcoin (BTC) can open and exchange candles 24/7, but closes every day, just like the Forex market. Latest TradingView data shows the Candles Ended (UTC) on Tuesday was $106,830, the highest daily closing price ever.
The bullish move came as investors poured money into the Spot Exchange Trade Fund (ETF) amidst a chaotic price action in bond markets that suggests growing concerns about the financial health of major economies, including the US.
Analysts told Coindesk last week that the worsening financial obligation situation could be steady for other assets such as BTC and gold.
The Coinbase Bitcoin Premium Index, which measures the difference between the percentage of Bitcoin prices in Coinbase Pro (USD pair) and the price of Binance (USDT trading pair), shows that it shows sustained purchasing pressure from US-based investors.
An uptrend is underway, and the next key level to watch is $110,000. Data from Deribit’s BTC options market, tracked by Amberdata, shows that dealers or market makers have large net “negama” exposures at the $110,000 level.
Dealers who hold negative gamma usually trade trades/hedges in the market direction to maintain overall market exposure. It amplifies bearish and bullish movements.
In other words, the rally could accelerate with potential breakouts of over $110,000. The options market has grown significantly over the past five years, with dealer hedging increasing volatility several times.
Gamma exposure of BTC dealers on various strikes. (Deribit/Amberdata)
