Although Bitcoin (BTC) can be traded 24/7, its candles are open and close daily corresponding to currency markets. The latest data from TradingView shows that Tuesday’s lights ended (UTC) to $ 106,830, the highest daily closure price ever.
The Bullish step came when investors poured money on the spot exchange -traded funds (ETFs) in the midst of chaotic price action in bond markets that suggested increased concerns about the fiscal health of larger economies, including the United States
Analysts told Coindesk last week that the deteriorating fiscal debt situation could bode well for BTC and other assets like gold.
Coinbase Bitcoin Premium Index, which measures the percentage difference between the price of Bitcoin on Coinbase Pro (USD pair) and the price of Binance (USDT trading pair), remained positive, indicating a sustained purchase pressure from the US-based investors.
With the ongoing Uprend, the next key level is to look at $ 110,000. Data from Deribits BTC option market, track of amber data, shows that dealers or market manufacturers have a large net “negative gamma” exposure of $ 110,000 level.
Dealers who have a negative gamma typically act/hedge in the direction of the market to maintain their overall market exposure Delta Neutral. It again reinforces Bearish and Bullish movements.
In other words, the rally can accelerate on a potential breakout over $ 110,000 mark. The election market has grown significantly over the past five years, with the dealer Hedging increasing the volatility on several occasions.
