Bitcoin Surges Nearly 10% as $100K Call Options Gain Popularity
Bitcoin (BTC) and the broader crypto market experienced a bullish turnaround following President Donald Trump's announcement regarding a strategic crypto reserve. Key points include:
- BTC gained nearly 10%, reaching over $95,000.
- Trump's announced reserve includes BTC, ETH, XRP, SOL, and ADA.
- Investor interest in call options at the $100,000 level has surged.
- Open interest in the $100K call increased by 1,163 contracts, valued over $100 million.
- Support levels for BTC are now established at $89,000 and $92,000.
- Renewed activity is noted in call options, indicating bets on further gains despite volatility.
- Short-term skews have recovered, reflecting demand for calls relative to puts.
Challenges remain, with concerns about the slow progress of the crypto reserve and the need for congressional approval. Skepticism exists regarding execution and potential government intervention. The upcoming White House Crypto Summit on March 7 may provide further clarity.