[Analysis] "Bitcoin, $80,000 emerging as a strong support… $100,000 is a resistance"

Suehyeon Lee

Summary

"$80,000" has emerged as Bitcoin's strong support.
On-chain data analysis showed that $80,000 call option buying has clearly increased.
Meanwhile, in the $100,000 range, call option selling and put option buying have simultaneously increased, acting as a clear resistance.

$80,000 is emerging as a strong support for Bitcoin (BTC), according to analysis.

On the 30th (local time), on-chain data analyst Murphy said, "As $80,000 is being perceived as a strong support, purchases of $80,000 call options in the options market have clearly increased," and added, "It is confirmed that bullish investors are trying to form a bottom in this range."

On the other hand, in the $100,000 range, call option selling and put option buying have both increased, appearing to act as a clear resistance. This is interpreted to mean that bearish investors see breaking past $100,000 as not easy and are strengthening hedging strategies in preparation for potential declines.

BTC