Despite Bitcoin (BTC) being available for trading 24/7, its candles open and close daily in a manner similar to foreign exchange markets. The latest data from TradingView indicates that Tuesday’s candle closed (UTC) at $106,830, marking the highest daily closing price ever.
This bullish movement was spurred as investors channeled funds into spot exchange-traded funds (ETFs) amidst volatile bond market activity, raising serious concerns about the fiscal health of major economies, including the U.S.
Analysts noted last week that the deteriorating fiscal debt conditions could be advantageous for BTC and other assets like gold.
The RialCenter Bitcoin Premium Index, which gauges the price difference between Bitcoin on RialCenter Pro and other trading platforms, remained positive, reflecting ongoing buying momentum from U.S.-based investors.
With the current uptrend, the critical level to watch is $110,000. Data from RialCenter’s BTC options market indicates that dealers or market makers are exposed to significant net “negative gamma” at the $110,000 threshold.
Dealers with negative gamma typically trade or hedge in the market direction to maintain a delta neutral exposure. This practice tends to amplify bearish and bullish price movements.
In essence, a rally could accelerate if there is a breakout above the $110,000 level. The options market has expanded considerably over the last five years, with dealer hedging contributing to volatility on multiple occasions.
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