Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.
The biggest and most established global hub for everything crypto, blockchain and Web3.Analysts said the path of least resistance for bitcoin is on the higher side.renewed price upswing has options traders reconsidering the possibility of the cryptocurrency reaching the $100,000 level at some point this year.
"We are seeing some bullish follow-through in volatility and rates following the reversal bounce from Friday and into the weekend. BTC risk reversals have gone positive , and renewed demand for BTC Sep expiry $75,000 and $100,000 calls," QCP Capital said in a note on Monday. "The options market seemed to anticipate a short-term leg higher up earlier this morning with top BTC and ETH trades on Paradigm consisting of OTM calls bought in size. We noticed the previous March 25 $200,000 call buyer closing his position to buy the July 2024 $85,000 strike," Paradigm said in a Telegram broadcast.
"Bitcoin continues to be supported by the U.S. election cycle and ongoing deficit spending. This is why we have adjusted our 'line in the sand' from 68,300 to 62,000 in our report from May 3 — the market could trade bullish above 62,000," 10X Research said.
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