Bitcoin surges above $35k and is trying to regain its ground from where it fell on Tuesday, January 12, 2020. According to several option traders, there is no need to worry as the bull rally will continue further. Currently, Bitcoin is priced at $35,580, which is showing a 16% gain from where it fell on Tuesday. However, it is still below its all-time high, which was above $40,000.
As Bitcoin surges above $35K, a lot of options traders have been buying the expiry call options at 52K, 64K, and 72K strike on Deribit exchange. As call options are a bullish bet, it seems that traders are highly bullish on Bitcoin performance in the near future.
As per a data analytics provider, Laevitas, 4,000 contracts have been bought at a $52K strike price within the past 24 hours. This is because Bitcoin surges above $35K, and along with a $52K strike price, the traders are also betting on 64K and 72K. Total 3,250 contracts have been bought at $64K strike call option and 2,000 contracts at $72K. If the Bitcoin price rises above $52K on or before January 29, 2020, then options will turn into money.
The latest strike price of 52K, 64K, and 72K is indicating a completely bullish market sentiment. It has been seen that other options market indicators are also making such bullish calls. Rafael Schultze-Kraft, CTO at Glassnode, has said:
“Don’t let short-term $BTC price action distract you. Fundamentals are strong, the network is healthy. Zoom out and HODL.”
Bitcoin will be facing a strong resistance as bitcoin surges above $35K, and its major target is to pass the resistance level at $40K as soon as possible. Only then it will be able to fulfill all those bullish predictions made by the options traders.