Although Bitcoin (BTC) trades around the clock, its daily candles still open and close like traditional markets. Recent data shows that Tuesday’s daily candle closed at an all-time high of $106,830, marking Bitcoin’s highest-ever closing price in a single day. This bullish surge has been fueled by increased investor interest in spot exchange-traded funds (ETFs), amid turbulent bond markets that hint at growing economic concerns, including worries about the U.S. and other major economies’ fiscal health.
Analysts have pointed out that worsening national debt levels could actually benefit assets like Bitcoin and gold, as investors seek safe havens during uncertain times. Meanwhile, the Coinbase Bitcoin Premium Index, which compares Bitcoin prices on Coinbase Pro (USD) and Binance (USDT), remains positive, reflecting persistent buying pressure from U.S. investors.
Looking ahead, the crucial resistance level to watch is around $110,000. Data from Deribit’s BTC options market, monitored by Amberdata, indicates that market makers have significant negative gamma exposure at this level. Negative gamma positions mean dealers tend to hedge their bets by trading in the market’s direction, which can amplify both upside and downside moves.
If Bitcoin manages a breakout past $110,000, this could accelerate the rally further. Over the past five years, the options market has expanded considerably, and dealer hedging strategies have contributed to increased volatility on multiple occasions. As the market approaches this key threshold, traders should keep an eye on the potential for a breakout that could propel Bitcoin into new territory.
