Crypto options traders are betting that Bitcoin will reach new highs by the end of November. According to Bloomberg, the most popular options expiring on November 8 focus on a $75,000 strike price, signaling this as a key market level.
Despite previous expectations that a Trump win would boost Bitcoin due to his pro-crypto stance, traders now believe the cryptocurrency is set to rise regardless of whether Trump or Kamala Harris becomes president. Factors such as Federal Reserve rate cuts and stock market rallies are also contributing to a positive outlook.
Learn how to trade Bitcoin with Top Forex brokers: strategies for bull and bear markets
Open interest for call options expiring on November 29 is concentrated around the $80,000 strike price, with further interest in $100,000 for later expirations. However, some experts caution that this may be more of an election hedge than a purely bullish bet.
Bitcoin has dropped 0.7% in the past 24 hours, slightly outperforming the broader crypto market.
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