Bitcoin Options Show Bullish Bias Amid U.S. Election and Dollar Strength

As Bitcoin (BTC) shows bullish signs, foreign exchange (FX) options suggest continued strength for the dollar index (DXY). Historically, Bitcoin has had a negative correlation with the DXY, but the upcoming U.S. presidential election could shift this dynamic.

Bitcoin Options Indicate Bullish Sentiment
One-month 25-delta BTC risk reversals are at 1.20, signaling positive sentiment for Bitcoin over the next four weeks, especially with the U.S. election on November 5. Traders are showing strong interest in Bitcoin call options, with a focus on $80,000 and even $100,000 strikes, reflecting optimism for BTC’s future.

Dollar Strength and Bitcoin's Resilience
Despite rising dollar strength, Bitcoin has stayed resilient, nearing $68,000. Traders are positioning for potential upside, especially with increased odds of pro-crypto candidate Donald Trump winning the election, boosting Bitcoin’s appeal.

Market interest is building as the U.S. election nears, driving Bitcoin long positions.

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