10x Research: The recent rise in Bitcoin may be driven by the unwinding of a large number of bearish options
According to CoinDesk, 10x Research founder Markus Thielen stated that the recent rise in Bitcoin is primarily driven by a large number of put option sell-offs with strike prices around $55,000 and $60,000.
As these options approach expiration and become less likely to be exercised, traders are closing these positions, forcing market makers to buy Bitcoin to rebalance their exposure, creating buying pressure that supports the price increase.
Thielen pointed out that there has not yet been a significant buying of call options, indicating that the rise is mainly driven by hedging closures rather than proactive bullish sentiment. Bitcoin briefly broke through $76,000 this morning, effectively breaking the long-term resistance range of $73,750-$74,400 for the first time since 2024, driving the overall cryptocurrency market higher.
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