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Bitcoin Sets Record Daily Close With $110K as the Next Level to Watch for BTC
The next significant price level for Bitcoin is $110,000, where market dynamics could amplify price movements.
What to know:
- Bitcoin's daily candle closed at a record high of $106,830 amid increased investment in spot ETFs.
- Concerns over fiscal health in major economies, including the U.S., are bullish for BTC and gold.
- The next significant price level for Bitcoin is $110,000, where market dynamics could amplify price movements.
Although bitcoin can be traded 24/7 its candles open and close daily similar to foreign exchange markets. The latest data from TradingView shows Tuesday's candle ended (UTC) at $106,830, the highest-ever daily closing price.
The bullish move came as investors poured money into the spot exchange-traded funds (ETFs) amid chaotic price action in bond markets that suggested heightened concerns about the fiscal health of major economies, including the U.S.
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Analysts told CoinDesk last week that the worsening fiscal debt situation could bode well for BTC and other assets such as gold.
The Coinbase Bitcoin Premium Index, which measures the percentage difference between the price of Bitcoin on Coinbase Pro (USD pair) and the price on Binance (USDT trading pair), remained positive, indicating a persistent buying pressure from the U.S.-based investors.
With the uptrend in progress, the next key level to watch is $110,000. Data from Deribit's BTC options market, tracked by Amberdata, shows dealers or market makers hold a large net "negative gamma" exposure at the $110,000 level.
Dealers holding negative gamma typically trade/hedge in the direction of the market to maintain their overall market exposure delta neutral. That, in turn, amplifies bearish and bullish moves.
In other words, the rally may accelerate on a potential breakout above the $110,000 mark. The options market has grown significantly over the past five years, with dealer hedging adding to volatility on several occasions.
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Bitcoin Treads Water Near $90K as Bitfinex Warns of 'Fragile Setup' to Shocks
BTC's relative weakness compared to stocks points to tepid spot demand, making the largest crypto vulnerable to macro volatility, Bitfinex analysts said.
What to know:
- Bitcoin erased very modest overnight gains early Monday and spent the rest of the U.S. session in a tight range around the $90,000 level.
- Rising long bond yields and a small U.S. equities pulling back weighed on risk appetite as traders eye this week's Federal Reserve meeting.
- Bitfinex analysts pointed out bitcoin's relative weakness against U.S. stocks amid modest spot demand and structural softness.
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