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Bitcoin call options target a move above $82,000 by Sept. 4
Traders are buying $82,000 strike call contracts expiring Sept. 4 as BTC recently climbed to about $80,995 before easing back to $79,150.
Bitcoin option traders have turned more bullish, placing wagers that the cryptocurrency can trade above $82,000 by Sept. 4. Yahoo Finance reports that a growing number of Wall Street participants have piled into call-option contracts with an $82,000 strike price expiring on that date, a trade that is effectively a bet on upside beyond that level by or before the expiration.
One trader reportedly spent $2.9 million on the $82,000 calls, according to Yahoo Finance. The bullish bets arrive as BTC briefly rose above $80,000 for the first time since May, reaching a high of $80,995 before pulling back to $79,150.
The piece also notes that Bitcoin has risen nearly 25% over the past week. Some analysts cited by Yahoo Finance warn that Bitcoin is running into resistance around $80,000 and needs a sustained breakout above that area for the recent rally to continue, with the current trading range described as roughly $74,000 to $80,000 after clearing resistance at $65,000.
Yahoo Finance further says that traders appear increasingly focused on a short-term advance rather than a drop back below $70,000.
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