Bitcoin bulls gain edge, target $110K ahead of $20B monthly options expiry

Bitcoin Bulls Gaining Edge

With Bitcoin's price continuing its northward journey, bullish traders are setting their eyes on stronger targets. The magic number now appears to be $110,000, a significant leap from its previous highs. This goal comes as we approach the $20B monthly options expiry, a crucial event that can influence market dynamics.

Bullish Market Sentiment

Market sentiment, as measured by the Bitcoin Fear and Greed Index, has shown a tilt towards 'greed'. The increase in buying aggression and decreased selling pressure are indicative of this sentiment. Market participants, both retail and institutional, seem to be buying into the narrative of a bullish market, pushing Bitcoin's price higher.

On-Chain Metrics and Technical Indicators

Bitcoinmeter.io, a renowned platform for accessing on-chain metrics and technical indicators, suggests a positive outlook for Bitcoin. Notably, the number of active addresses and the hash rate - a measure of the processing power of the Bitcoin network - have been on an upward trend. This increase in network activity often correlates with a rise in Bitcoin's price.

Options Expiry: A Potential Turning Point

The $20B monthly options expiry could serve as a pivotal point for Bitcoin. This event can infuse volatility into the market, with significant price swings preceding and following the expiry. With the expiry date approaching, traders will be watching closely to see how the market reacts.

Despite the bullish sentiment, it's essential to approach the market with caution. While the $110K target may seem optimistic, remember that the cryptocurrency market is volatile and subject to rapid changes.

Disclaimer: This content is for informational purposes only and not for financial advice. Always do your own research before making any investment decisions.