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Bitcoin Sets Record Daily Close With $110K as the Next Level to Watch for BTC
Although bitcoin (BTC) can be traded 24/7 its candles open and close daily similar to foreign exchange markets. The latest data from TradingView shows Tuesday's candle ended (UTC) at $106,830, the highest-ever daily closing price.
The bullish move came as investors poured money into the spot exchange-traded funds (ETFs) amid chaotic price action in bond markets that suggested heightened concerns about the fiscal health of major economies, including the U.S.
Analysts told CoinDesk last week that the worsening fiscal debt situation could bode well for BTC and other assets such as gold.
The Coinbase Bitcoin Premium Index , which measures the percentage difference between the price of Bitcoin on Coinbase Pro (USD pair) and the price on Binance (USDT trading pair), remained positive, indicating a persistent buying pressure from the U.S.-based investors.
With the uptrend in progress, the next key level to watch is $110,000. Data from Deribit's BTC options market, tracked by Amberdata, shows dealers or market makers hold a large net " negative gamma" exposure at the $110,000 level.
Dealers holding negative gamma typically trade/hedge in the direction of the market to maintain their overall market exposure delta neutral. That, in turn, amplifies bearish and bullish moves.
In other words, the rally may accelerate on a potential breakout above the $110,000 mark. The options market has grown significantly over the past five years, with dealer hedging adding to volatility on several occasions.
