Bitcoin and crypto markets opened lower on Monday morning in Asia as we await Fed Chair Jerome Powell’s speech and unemployment data.

BTC and altcoins are giving back some of the gains they experienced last week, while Bitcoin price$BTC

It fell to $64,000. But despite the decline, Bitcoin recorded its first three-week uptrend since February. The rally was supported by investors buying call options, which offers a potential rise above $75,000, according to Amberdata.

Speaking to Coindesk, Amberdata Derivatives Director Greg Magadini stated that BTC has increased by over 3% in the past week to September 29, continuing the 7% increases seen in the previous two weeks.

Magadini stated that this rise was supported by option investors, and that a significant amount of call options were purchased at Deribit at the $75,000 expiration price and higher levels.

He also noted that a breakout of $75,000 in Bitcoin could quickly send the price to $100,000.

“This flow pattern from the options market indicates a bullish trend for spot prices. A call buyer is implicitly bullish on the market, while a put buyer is looking to hedge against price fluctuations,” he said.

Breaking above $75,000 could lead to a rapid rally from the all-time high of $73,000 in March to $100,000. $100,000 is where call buyers are likely to be concentrated.

Magadini added that a potential breakout in Bitcoin suggests a resumption of a broader uptrend from the sub-$30,000 lows in October 2023.