Bitcoin shows strong momentum as bulls aim for $75K breakout

Bitcoin (CRYPTO:BTC) has entered its first three-week winning streak since February, signaling renewed bullish activity in the market.

According to TradingView data, BTC rose by over 3% in the seven days leading up to September 29, building on the previous two weeks' 7% gains.

Market optimism has been driven by inflows into U.S.-listed spot ETFs and China's significant economic stimulus, which has supported Bitcoin's continued upward trajectory.

In addition to rising prices, call buying activity has surged on crypto exchange Deribit, particularly at the $75,000 strike price and beyond.

According to Amberdata's Director of Derivatives, Greg Magadini, this pattern suggests that investors expect an acceleration in Bitcoin's price movement.

"The flow pattern indicates a bullish outlook for spot prices due to the put selling, while anticipating a swift upward price movement," Magadini stated.

Call options give investors the right to buy Bitcoin at a predetermined price, making them an indicator of market optimism.

On the other hand, put options are used to hedge against price declines.

The combination of increased call buying and reduced put selling demonstrates that traders expect Bitcoin to break through its current resistance levels.

Bitcoin’s price has been in a six-month corrective trend, referred to as an "expanding triangle" by analyst Peter Brandt.

A breakout above the $75,000 level could signal a continuation of the broader uptrend that began in October 2023 when prices were below $30,000.

Magadini added that if BTC surpasses the $75,000 mark, it could trigger a rapid rally toward $100,000, where significant call option activity is concentrated for late December 2024.

At the time of reporting, the Bitcoin price was $64,436.31.