Bitcoin at Record Highs: Key Levels $126K, $135K, $140K Analyzed
As Bitcoin trades near record highs, investors are focusing on key price levels that could influence future movements:
$126,100
- This level is the upper boundary of the expanding range pattern since mid-July.
- Defined by a trendline connecting July 15 and Aug. 14 highs.
- A reversal here might lead to a corrective pullback towards the range's lower boundary.
$135,000
- Focus shifts here if BTC breaks out from the expanding range.
- Market makers hold a net long gamma position, buying dips and selling rallies to maintain neutrality.
- This hedging activity may decrease volatility, acting as resistance.
$140,000
- Significant open interest in call options at this strike, over $2 billion notional value.
- High open interest can draw spot prices toward the level.
- Institutions selling these calls aim to keep the price below this strike, creating potential resistance.
