Bitcoin has risen more than 40% this quarter, outperforming major assets including gold and the S&P 500, according to a CoinDesk-cited market analysis carried by Odaily. The move came as gold fell nearly 4% on Monday, pressured by long-dated U.S. Treasury yields climbing to their highest level since 2007 and a stronger U.S. dollar index. During the same stretch, BTC briefly dropped to about $82,500 before rebounding to around $84,000, leaving it down roughly 1% on the day.
Jurrien Timmer, director of global macro at Fidelity Investments, said Bitcoin’s break above $80,000 has triggered a double-bottom breakout pattern. He said that if BTC confirms a move above a key resistance level near $82,800, the technical target could extend to $100,000. Timmer also cautioned that chart patterns do not guarantee further upside and that a failed breakout could lead to a sharp pullback.
Options positioning on Deribit also points to bullish expectations. Open interest in BTC call options stands at about $2.45 billion at the $90,000 strike, $2.33 billion at $95,000, and $1.79 billion at $100,000.
Bitcoin (BTC) is up more than 40% this quarter, outperforming major assets including gold and the S&P 500.
According to CoinDesk, gold fell nearly 4% on Monday as long-dated U.S. Treasury yields climbed to their highest level since 2007 and the U.S. dollar index strengthened. Over the same period, BTC briefly fell to about $82,500 before rebounding to around $84,000, for a decline of roughly 1%.
Fidelity sees a double-bottom breakout above $80,000
Jurrien Timmer, director of global macro at Fidelity Investments, said Bitcoin’s move above $80,000 has triggered a double-bottom breakout pattern. If the market confirms a break above a key resistance level near $82,800, the technical target could point to $100,000, he said.
Timmer also warned that the pattern does not guarantee continued gains. If the breakout fails, the price could retreat quickly.
Options open interest is concentrated at higher call strikes
The options market is also showing bullish positioning. On Deribit, open interest in BTC call options is about $2.45 billion at the $90,000 strike, about $2.33 billion at $95,000, and about $1.79 billion at $100,000.
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