Bitcoin sentiment shifts as options traders bet on an $80,000 year-end target, defying macroeconomic pressures from rising Treasury yields and potential Federal Reserve rate hikes.
Bitcoin's rally faces test from Fed rate decision and Senate crypto bill vote, with options market turning bullish for the first time in 12 months.
Bitcoin has rebounded past $70,000, marking a significant recovery from recent lows as the options market turns bullish for the first time in a year. Despite looming Federal Reserve rate decisions and macroeconomic headwinds, investors are increasingly betting on further upside, with significant open interest clustered at the $80,000 strike price for December.
Traders are betting that Bitcoin has hit its lowest ebb and are looking past immediate macro threats, focusing on potential upside catalysts like the U.S. Clarity Act and the 'debasement trade' narrative.