As Bitcoin approaches its all-time highs, analysts are closely monitoring key resistance levels that could impact its price trajectory. Notably, Omkar Godbole has highlighted specific strike prices that are attracting significant attention from investors. According to the official information, these levels could play a crucial role in determining the future movement of the cryptocurrency.
Significant Levels in Call Options Activity
According to data from the Deribit platform, the 135,000 and 140,000 levels are particularly significant due to a surge in call options activity. The 140,000 strike price stands out as the second most popular option on the exchange, boasting over $2 billion in open interest. This suggests that a considerable number of investors are betting on Bitcoin's spot price reaching or surpassing this threshold.
Potential Resistance and Investor Advice
Godbole points out that the concentration of hedging and trading activity around these levels could create substantial resistance, potentially hindering Bitcoin's ability to break through. As such, investors are advised to closely monitor these critical levels, as they may play a pivotal role in determining Bitcoin's direction in the near future.
