As the price of Bitcoin (BTC) exceeds $111,000, reaching an all-time high, it is noted that market makers may come into play at $115,000.
Recently, with intense interest from investors, the price of Bitcoin (BTC) has exceeded $111,000, reaching new peaks. However, according to experts, the protective strategies that market makers may apply at the $115,000 level are described as an ‘invisible hand’ that could slow down BTC's rapid rise.
Among the main factors supporting Bitcoin's rise are spot ETF inflows, increasing interest from institutional investors, and the slowdown in supply growth after the halving. Bitget Chief Analyst Ryan Lee expressed that the Bitcoin price could rise to as high as $180,000 by the end of the year, also emphasizing that Moody's downgrade of the US credit rating has increased the appeal of assets like Bitcoin and Ethereum.
‘Gamma Effect’ may hinder the rise
The critical point highlighted by experts is the ‘gamma positions’ that have a significant impact on the options market. Particularly, investors selling options at levels of $115,000 and above may slow down the price increase by selling into the market as the BTC price rises to protect their positions.
Jeff Anderson, head of the Asia division of STS Digital, stated that option sellers could create selling pressure on the market due to high gamma positions, noting, ‘If we can surpass this gamma intensity at $115,000, the way for the real major rise in Bitcoin will be opened.’
Institutional Investors' OTC Purchases Draw Attention
On the other hand, rumors that institutional investors are making significant purchases in the OTC (over-the-counter) market could be an important factor that strengthens the rise of BTC. According to Alexander S. Blume, CEO of Two Prime, institutional companies are making BTC purchases through off-exchange channels, creating additional demand that has not yet been fully observed in exchanges. In light of these developments, Bitcoin is expected to show high volatility in the coming days.