Bitcoin Option Markets Flip Bullish as BTC Rally Heats Up, Price Rises Above $28K

The flip in investor sentiment comes as the Bitcoin price surges above the $28,000 level for the first time since early last June, taking gains since earlier monthly lows to over 44%.

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With Bitcoin having now seemingly cleared resistance in the form of the late May 2022 lows in the $28,000 area, the door is now open to a swift test of the psychologically important $30,000 level and then the early June 2022 highs in the $32,500 area.

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All the while, on-chain trends are looking positive. Core on-chain metrics like the number of non-zero balance wallets, the number of daily transactions, the number of daily active addresses and the rate of new address creation are all trending in the right direction.

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Bitcoin Option Markets Flip Bullish as BTC Rally Heats Up, Price Rises Above $28K

The flip in investor sentiment comes as the Bitcoin price surges above the $28,000 level for the first time since early last June, taking gains since earlier monthly lows to over 44%.

With Bitcoin having now seemingly cleared resistance in the form of the late May 2022 lows in the $28,000 area, the door is now open to a swift test of the psychologically important $30,000 level and then the early June 2022 highs in the $32,500 area.

All the while, on-chain trends are looking positive. Core on-chain metrics like the number of non-zero balance wallets, the number of daily transactions, the number of daily active addresses and the rate of new address creation are all trending in the right direction.

Alternative indicators such as those tracked in Glassnode’s “Recovering from a Bitcoin Bear” dashboard are (mostly) flashing a bullish signal as well.

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