Bitcoin’s rally to record highs puts focus on $ 115k where an ‘invisible hand’ can slow the bull run
The price of Bitcoin (BTC) has emerged to record highs, sparking optimism to investors. However, the expected conducting activities of market/seller makers, often an invisible force, at some level price, can slow down.
The top cryptocurrency led the $ 111,000 mark in Asian time, with analysts expecting stronger demand.
“Ang supply ng OTC ay maaaring matuyo, ang pagmamaneho ng mga presyo. Hindi ito makikita sa mga volume ng pangangalakal o ang merkado ng derivatives. Kung ito ang kaso, maghanda para sa isang ligaw na pagsakay, dahil mas maraming demand ang sumakay sa isang mapagkumpitensya na Bitcoin Corporate Treasury Environment at, marahil, isang hindi gaanong nababanat na merkado ng OTC Spot,” sabi ni Alexander S. Blume, founder and CEO of Sec-Registered Investment Advisor Two.
Blume explained that corporate treasury on board buys over-the-counter “en masse,” and rumors are the sovereign demand for cryptocurrency.
Ryan Lee, chief analyst in Bitget, said the BTC could rally at $ 180,000 by the end of the year, led by spots ETF inflows, slower growth of post-halving supply and growing institutional adoption.
“The recent moody collapse of US Sovereign Credit Rating in AA1 is another major Macro catalyst, which has sparked an updated interest in BTC and ETH as fences against Fiat Risk. BTC’s ability to hold more than $ 103,000 in the middle of volatility featured market moving to Crypto as a strategic reserves reserved,” Lee.
Focus at $ 115k
While the path of at least resistance is on the higher part, the bullish move speed can be challenged by the potential activities of releasing the market/seller’s manufacturer’s choices around $ 115K and higher price levels, according to Jeff Anderson, head of Asia at Sts Digital.
Entrepreneurs are creatures that have been assigned to the creation of liquidity in the order of the exchange book. They are always in the opposite position of merchants and earn money from the bid-ask spread, as they continue to try to maintain a net-price neutral exposure.
Data from the BTC options market of the derivit, which is monitored by AMBMA, shows sellers holding a significant “positive gamma” exposure to $ 115K and higher strike price levels.
When entrepreneurs are positively gamma, it means they have long calls or put options. In this case, their delta (market exposure) increases when the underlying asset rises. Thus, their delta-hedging mandate requires sale more than the underlying property as prices and vice versa rise.
Therefore, the order-flow, acts as a contractor force, limiting price volatility, Anderson told CoinDesk.
The dealer Gamma is significantly positive, from $ 115k to $ 150k, thanks to the interest of investors in sale (overwriting) higher strike call options to produce additional yield at the top of their handling in place.
“There are a lot of positive gamma in the market because of the overwriters’ overwriter. They will be more careful with this breakout, and if we can clear the gamma pocket for $ 115K, it (rally) can start to go,” Anderson said.
