Bitcoin Breaks Daily Closing Record: Prices Above This Will Stir Things Up!
Bitcoin (BTC) achieved its first-ever daily closing at $106,830, and experts say the next critical threshold will be the $110,000 level.
The cryptocurrency market has managed to attract investors' attention by surpassing yet another important psychological barrier. According to TradingView data, Bitcoin closed the daily candle at $106,830 on Tuesday, marking the highest daily closing price of all time. Experts attribute this rise to the increasing institutional investor interest, particularly in spot Bitcoin ETFs, and the rising debt issues in global economies.
In recent weeks, increasing debt problems in major economies, especially in the U.S., have led investors to turn towards assets like Bitcoin and gold. The positive status of the Coinbase Bitcoin Premium Index is also seen as an important indicator that U.S. investors continue to exert buying pressure.
$110,000 Could Be a Critical Threshold
The next critical price level that analysts are pointing out is $110,000. Data coming from the options market, in particular, shows that market makers are holding significant “negative gamma” positions at this price level. Market makers holding negative gamma positions are forced to buy or sell to balance their positions depending on the direction of the price. This situation increases the intensity of price movements and leads to higher volatility.
If the price of Bitcoin rises above $110,000, the dynamics of the options market could kick in, making the upward movement much faster and stronger. The options market, which has seen significant development in recent years, has previously accelerated price movements significantly in a similar manner. Therefore, investors need to closely monitor the $110,000 level.
