The forming a golden cross between the 50-day moving average and 200-day moving average on the daily timeframe.
Bitcoin’s options data appears confluent with the perspective that further price upside could be in store and suggests a potential extension of last week’s gamma event culminating with BTC price rallying to $35,280. The data also shows the possibility for a gamma event in the $35,000 to $40,000 range, and investor positioning has shifted accordingly.
“The flows that we’ve seen reflect everything that is illustrated here and what’s in the market in the listed space. An uptick month over month from Q3 to Q4, interest in the calls that we’ve been highlighting and as we started highlighting this short gamma, the noticeable difference between Bitcoin and ETH in early October, actually was the first time we started talking about this.
Essentially, one would see aggregated short liquidations surge as spot volumes peak, a process that is documented in the chart below.According to Alex Thorn, Head of Firmwide Research at Galaxy, “the Bitcoin gamma squeeze from last week could happen again if BTC/USD moves higher to $35,750 - $36K.”
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