Bitcoin Chart Flashes Technical Strength with Options Target $100K By Year-End

Bitcoin chart is showing technical strength and indicators flashing buy signals. Bitcoin price is currently trading above the support at $62K. It is now facing resistance at $65K.

Bitcoin is now trading above 50-DMA (blue), 100-DMA and 200-DMA (red). Traders also expect the ‘Golden Cross’ pattern formation in the coming days as 50-DMA is likely to crossover above 200-DMA, which indicates the possibility of a long-term bull market.

BTC price is currently trading above $64,000 now, just 12% away from its all-time high of 73,750. Options traders are extremely bullish on Bitcoin and further upside momentum towards $100k this year.

Deribit data shows BTC options trades are targeting Bitcoin price to hit as high as $100k in December. According to the largest BTC bulk option order on Deribit today, a trader sold 80,000 call option for the end of the year and sold a 120,000 call option for the end of the year.

Meanwhile, 60,477 BTC options with $3.88 billion of notional value is set to expire on August 30. The max pain point is at $61,000, indicating a recovery by the end of the month itself due to beginning of the interest rate cut cycle.

US Fed rate cuts are likely to cause volatility in the stock and crypto markets initially, with massive reshuffling of positions similar to other key events historically.

Positive Shift in US Elections Fuels Bitcoin Price

Pro-Bitcoin Robert F Kennedy Jr has officially dropped out of the presidential race. He has now endorsed Republican presidential nominee Donald Trump. This has led to a significant shift in support for Trump, including after he said to offer a top job to Elon Musk after the elections.

Donald Trump now leads Democratic presidential nominee Kamala Harris on Polymarket prediction market. The current data indicates odds of Trump winning the election dropped 1% to 50% and Harris’ odds increased by 1% to 49% after RFK Jr. dropped from the race. The trend is currently in favor of Bitcoin price.

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