$85,895 has gained value, surpassing the $86,000 mark after three days of sideways movement. This increase is linked to a heightened interest in risky assets following the U.S. Federal Reserve’s (Fed) interest rate decision. In the options market, a notable 24% rise in volume has caught attention. While technical indicators suggest upward momentum, certain resistance levels are making investors cautious.
The Fed’s recent pause in interest rate hikes has created a positive atmosphere in the market. Following this decision, investors have begun to gravitate towards higher-risk assets. Bitcoin emerged as one of the most prominent assets gaining value, moving past the $86,000 threshold as the weekend approached after consolidating around $84,000 for three days. U.S. inflation data has also come in below expectations, providing a more optimistic outlook for investors. This macroeconomic backdrop has had a direct impact on Bitcoin pricing. The renewed interest from institutional investors in Bitcoin has further bolstered confidence in the market.
A significant uptick in options trading for Bitcoin has been observed in derivative markets. According to Coinglass data, the total options volume has reached $793 million, marking a 24% increase. Signs suggest that institutional investors are starting to take short-term positions, indicating a potential rise in short-term volatility. However, some technical indicators are causing concern among investors. The convergence of the 50-day and 200-day moving averages is being interpreted as a potential “death cross” signal, which could exert pressure on upward price movements. The $87,200 level is emerging as a strong resistance point; failure to surpass this could see prices retreating back to around $84,000. Nevertheless, strengthening support levels may bring the $90,000 target back into focus. As investors take short-term positions, they are closely monitoring technical indicators. Global economic data and market sentiment also play crucial roles in their decision-making processes. Particularly, the positions of large investors continue to influence market direction.