30s Summary

Bitcoin began the week at $66,300, a significant increase spurred by shifts in future markets. Despite a months-long price ceiling between $65,000 and $66,000, this move raises questions about the digital currency’s ability to maintain such momentum. JJ, head of crypto options at HighStrike, suggests many factors are fueling this bullish trend, such as Trump’s rising Polymarket odds. However, resistance above recent highs could still pose a hurdle to the trend’s sustainability. Although Q4 may see new all-time highs, investors are advised to remain cautious and conduct independent research.

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The Bitcoin price kicked off the week with a strong move, touching $66,300. But can the bulls keep up this pace? For the past seven months, Bitcoin price increases have hit a ceiling, particularly between $65,000 and $66,000, where the price hasn’t managed to secure a daily close.

Currently, Bitcoin is in a similar situation where it briefly passed the channel’s trendline. We’re still waiting to see if Bitcoin’s price will close securely above the channel’s resistance.

Like previous price jumps, this increase was part driven by changes in future markets. This is easy to spot with the surge in the funding rate and open interest when Bitcoin’s price jumped to $66,300.

JJ, the head of crypto options and derivatives at HighStrike was discussing the latest price action. He said, “Bitcoin surged higher as a breakout back above the 200-day rekindled interest from call buyers in the options market. The most popular of these have been 75-100k calls for Q4 of this year, says Kelly Greer of Galaxy Digital.”

In JJ’s view, many factors are fueling bullish price action. These include Trump’s rising Polymarket odds hitting levels not seen since July when Bitcoin last touched $70,000 and the recent breakout to new yearly highs for MicroStrategy (MSTR). When asked if the rally above $66,000 represented `a definite change in trend, JJ warned that “resistance above the September highs remains as the Coinbase order book has significant asks piled up there.”

While signs suggest a Q4 breakout to new all-time highs, participants should expect a range-bound market with liquidity sweeps to the downside so long as these ask walls are still there.”

Please note, this article is informational only and does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making a decision.

Source: Cointelegraph