Bitcoin Surges to $64,268! What’s Next: $65,900 or Market Correction?

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Bitcoin Price is up 45_ in FEB-2024, Best Performance Since DEC-2020; What Next For BTC Price

The post Bitcoin Surges to $64,268! What’s Next: $65,900 or Market Correction? appeared first on Coinpedia Fintech News

Bitcoin (BTC) has recently experienced an impressive rally, surging beyond crucial support levels at $61,100 to achieve a new high of $64,268. Despite this remarkable performance, Bitcoin is poised to surpass its 2021 peak by a mere 10%, and analysts anticipate a breach of $61,800 could send it even higher to $65,900.

Simultaneously, Greeks.Live notes a surge in options orders exceeding $5 million, signaling increased market volatility and trading activity.

Bitcoin’s Key Support Level

Addressing the key support levels, renowned crypto analyst Ali Martinez offers valuable insights. A substantial volume of over 500,000 BTC has been transacted within the $61,100 to $61,800 range, establishing a robust support area for the cryptocurrency.

Over 500,000 $BTC have been transacted in the range of $61,100 to $61,800, creating a substantial support area. If #Bitcoin remains above this threshold, it's poised to climb towards $65,900, given the minimal resistance ahead.

Conversely, should #BTC dip below support, a… pic.twitter.com/Lw2GhkmBET

— Ali (@ali_charts) March 3, 2024

Meanwhile, Martinez suggests that maintaining a position above this support zone could pave the way for an upward move toward $65,900, with minimal resistance expected.

However, caution is advised as Martinez outlines potential downside risks. A breach below the established support level could trigger a correction, potentially driving Bitcoin’s price down to $56,970 or even $51,500.

BTC To Hit $125k

Looking ahead, analyst Will Woo presents an optimistic projection, foreseeing BTC surpassing $125,000 by 2025. This is based on an assumption of a 3% portfolio allocation from BlackRock and Fidelity clients, which could significantly impact Bitcoin’s trajectory.

$5M Boost in Buy Calls

Further highlighting positive sentiment, Greeks.live, a prominent crypto options trading tool, observed a weekend spike in options block market orders exceeding $5 million, with a noteworthy majority being buy calls. This signals a robust bullish sentiment in the market.

The orders over $5 million in the options Block market over the weekend, almost all of which were buy calls.
Back on Monday, BTC hit a new high for the year again, a large number of short-term bull spreads were traded, and the current ultra-short-term IV has fully approached 80%,… pic.twitter.com/SEYnDhrUWl

— Greeks.live (@GreeksLive) March 4, 2024

This surge in options activity aligns with Bitcoin’s recent achievement on Monday, reaching a new yearly high at $64,000. Consequently, there has been a notable increase in short-term bull spreads trading, pushing the ultra-short-term Implied Volatility (IV) close to 80%. The market is abuzz with a “do more” attitude, entering what feels like a Fear of Missing Out (FOMO) stage.

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