Bitcoin eyes new all-time high as price rebounds to $64K
Bitcoin price continues its upward trend, retargeting $64,000 after closing September with a 7.3% gain, marking its best September on record. Despite a brief dip below $63,000, Bitcoin managed to bounce back, and traders see this as a strong buying opportunity for further gains. The monthly close at $63,300 also marks a higher high, indicating bullish momentum.
Key technical indicators show mixed signals. While Bitcoin has struggled to hold above its 200-day moving average, it retained support at the 21-week simple moving average (SMA). According to analysts like Keith Alan, holding the 20-week SMA is crucial to avoid further downside. Another trader, Daan Crypto Trades, highlighted order book liquidity at $62,700 and $67,000, noting these as support and resistance levels.
On shorter timeframes, traders like Roman see bullish divergence forming between the price and the Relative Strength Index (RSI), suggesting potential upward movement. Roman expects Bitcoin to consolidate upwards, which could lead to further gains.
Many traders, including Scott Melker, known as “The Wolf of All Streets,” advocate for buying dips as Bitcoin establishes higher lows. Melker pointed out that Bitcoin closed above $65,000 on the weekly chart, signaling further bullish potential. Michaël van de Poppe, another prominent analyst, doubled down on his prediction for a new all-time high. He suggests that if Bitcoin retests the $60.5K–$61.3K range, it could present an ideal buying opportunity before Bitcoin tests its previous all-time high (ATH).
In summary, Bitcoin’s strong September performance has renewed optimism among traders, who continue to see dips as buying opportunities, anticipating a potential new all-time high in the near future.
Source: Cointelegraph
Japan’s Metaplanet boosts bitcoin holdings with $6.9 million purchase, totaling $32 million
Japanese investment firm Metaplanet Inc. has expanded its bitcoin holdings with an additional purchase of 107.913 bitcoin, valued at approximately 1 billion yen ($6.9 million). This acquisition boosts the company’s total bitcoin reserves to 506.745 BTC, worth about $32.2 million at the current price. Metaplanet’s latest purchase was made at an average price of 9.26 million yen ($64,168) per bitcoin. In total, the company has spent 4.75 billion yen on its bitcoin purchases, with an average price of 9.37 million yen ($64,931) per bitcoin.
Despite bitcoin dipping 1.27% over the past 24 hours, currently trading at around $63,661, Metaplanet remains bullish on the cryptocurrency. The firm has been aggressively accumulating bitcoin since May, when it adopted BTC as its strategic treasury reserve asset. This move indicates the company’s strong belief in bitcoin’s long-term value and its potential as a treasury reserve.
Metaplanet’s stock price has reacted positively to this latest bitcoin acquisition, climbing 4.24% on Tuesday to trade at around 1,033 yen. Meanwhile, the broader Nikkei 225 index has also seen gains, rising 1.91% so far today.
While Metaplanet continues to increase its bitcoin holdings, it is still far from being the largest corporate holder of the cryptocurrency. That title belongs to MicroStrategy, led by Michael Saylor, with a massive 252,220 BTC in its reserves. Marathon Digital follows with 26,200 BTC, according to BitcoinTreasuries data.
Metaplanet’s continued investment in bitcoin underscores the growing trend among corporations to adopt bitcoin as a strategic asset, as they anticipate long-term gains in its value.
Source: The Block
Bitcoin traders place nearly $1B in bullish bets on $100K price target on Deribit
The Bitcoin market is showing strong bullish sentiment, particularly on crypto exchange Deribit, where traders have placed nearly $1 billion in call options at a strike price of $100,000. This option is the most popular among all BTC options on the platform, according to Deribit Metrics, and represents a significant portion of the market’s open interest. At the time of writing, the total value of active call options contracts at the $100,000 strike price exceeds $993 million.
The second most popular option is the $70,000 call, with open interest surpassing $800 million. Call options, which give buyers the right to purchase bitcoin at a specified price, make up over 50% of the total $14.15 billion BTC options open interest on Deribit. According to Wintermute, a crypto trading firm, this concentration of open interest at the $100K and $70K strike prices reflects the bullish sentiment dominating the market.
Traders often purchase out-of-the-money options like the $100,000 call, which are relatively cheaper and offer higher upside potential if Bitcoin’s price increases. Additionally, BTC options set to expire on November 8, the date of the U.S. election results, have a cumulative open interest of $938 million. Of this, $117 million is concentrated in $45,000 strike put options, indicating traders’ preference for downside protection ahead of this key event.
However, the market’s volatility surfs, with open interest in December’s expiry largely focused on call options. The $100,000 strike remains the most popular, signaling traders’ expectations of a significant rally, potentially leading to a year-end surge in Bitcoin’s price.
Source: Coindesk