Bitcoin (BTC) extended its weekly gains by 12% on Friday after rising to $73.9k. At the time of writing, BTC has given back some of its gains and is trading at $70.6K.
But overall investor returns and relative strength against the gold and tradFi markets have bolstered crypto assets as a hedge against geopolitical tensions.
With the likely end of the West Asian crisis, it is not yet clear whether it can fuel BTC rally in the near future?
Options traders see $75,000
As the West Asian crisis drags on, the end of the quarter is two weeks away. Therefore, the positioning of the Options market can offer a different view of the appetite and expectations of investors in the near future.
according to Glass knot$75k remained a key level that saw massive buying of calls (bullish bets). Clearing this level could further accelerate due to dealer hedging flows, the blockchain analytics firm added.
At the same time, most of the puts (bearish bets) and hedging activity was concentrated around $60,000, indicating that experienced players were still ready for another drop.
In other words, the price range of 60-75 thousand dollars can be extended for the next two weeks, but the decisive elimination of the barrier of 75 thousand dollars can accelerate the pace. push for $80,000.
In fact, the price of BTC was sharply rejected near $75,000 on March 13, marking this level as a key obstacle for the bulls to extend the recent recovery.
What causes delay?
Perhaps another factor that has kept BTC in the current range is the lack of strong bids. According to crypto research firm Swissblock, February’s drop below $60,000 was noted with a lot of interest as many players jumped to buy discounted BTC.
The growth of the network showed an increase in market participants, which helped to stabilize the price of Bitcoin last month above 60 thousand dollars.
However, Swissblock emphasized A decisive breakout from the current range requires another increase in network development or an increase in buyers at this level.
A resurgence in network growth indicates that participants are re-entering the market. Otherwise, Bitcoin remains in a recovery attempt rather than a confirmed expansion phase.
That said, BTC’s stability this week is also driven by ETF flow. Spot BTC ETFs were in the green for the week, attracting $767 million in net inflows. If the positive trend continues next week, the bulls may try to open the $75,000 level.
Final conclusion
- BTC outperformed gold and the US stock market by more than 18% as the West Asian crisis dragged into its second week.
- Spot BTC ETFs saw weekly net inflows of $767 million, boosting the crypto’s holdings to $75,000.
