Analyst Omkar Godbole noted that Bitcoin’s current potential resistance level is above $126,000, and the dynamics in the options market indicated that the $135,000 and $140,000 levels could be critical in the next phase. According to Deribit platform data, call options with a strike price of $140,000 are the second most popular option on the exchange and carry over $2 billion in open interest. This suggests that many investors expect the spot price to approach or exceed this level, according to analysts. However, the concentration of hedging and trading activity in this area could create resistance that could make it difficult for the price to break through. “Bitcoin is trading in uncharted territory near all-time highs. Investors are focusing on key levels that could determine the direction going forward,” Godbole said. Related News: An Altcoin Has Been Hacked for the Third Time in the Last Year According to the analyst, three main levels stand out to watch: $126,100: This represents the upper boundary of the expansion pattern that has been forming since mid-July. A reversal from this level could cause the price to pull back toward the lower boundary of the pattern. $135,000: Market makers have a net long gamma position at this level. This can reduce volatility by increasing the tendency to sell as the price rises and to buy as the price falls. Therefore, $135,000 could act as a resistance level on upward moves. $140,000: The second-most popular call option level, according to Deribit data, could have a magnetic effect due to its high open interest. However, hedging efforts by large institutions to keep the price below this level could make it more difficult to break out. While Bitcoin is currently trading near record levels, this intensity in the options market has investors eyeing the $135,000-$140,000 range. *This is not investment advice. Continue Reading: The Level Indicated by Option Data Following the Surge in Bitcoin Has Been Determined
