Here’s Why Bitcoin’s Bullish Momentum Is Far From Over: The Factors Driving King Crypto’s Surge
By Benzinga
The bullish surge in Bitcoin‘s (CRYPTO: BTC) price, which recently hit a year-to-date high, continues into its third week, hinting at a potential continuation of the bull move. Bitcoin hovers around the $35,000 mark.
As reported by CoinTelegraph, multiple factors back this optimism. The positioning in the Bitcoin options market and the Bitcoin daily chart suggest a possible upcoming bull move.
Recent developments include the confluence of Bitcoin’s options data with the potential for further price surges. This suggests a possible extension of last week’s gamma event, which saw the bitcoin price rally to $35,280. The data also indicates the prospect of a gamma event within the $35,000–$40,000 range, indicating a shift in investor positioning.
See Also: Nasdaq’s Fall, Bitcoin’s Rise: A Shift In Trend Investment Landscape?
Additionally, traders are closely observing the bull pennant pattern, a technical analysis indicator. This pattern has formed on the daily timeframe, coinciding with the formation of a golden cross.
Another key factor to watch is the potential price breakthrough of the $36,300 level. This could lead to increased pressure on shorts, triggering a rapid uptick in spot buying volumes as options and perpetual futures traders are forced to cover their positions or face liquidation.
Alex Thorn, head of firmwide research at Galaxy, suggests that last week’s Bitcoin gamma squeeze could reoccur if BTC/USD moves higher to $35,750 – $36,000.
Image by Leonid studio on Shutterstock
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