Bitcoin Blasts Through $75,000 Ceiling Amidst Sharp Rally
Bitcoin's price surged above $75,000 on August 21st, marking its highest level since late May. The cryptocurrency has gained roughly 20% over a four-day period.
The rally has been sharp and accelerated this week, with BTC outperforming ETH and SOL in the past 24 hours. According to popular trader DonAlt, Bitcoin's reaction from major support is 'very good' and could indicate that the recent low was the bottom of the current cycle.
DonAlt noted that $82,000 is the first resistance level and $95,000 is the next significant obstacle for BTC. However, he stopped short of declaring the bottom confirmed, leaving room for a potential bull trap.
The Bitcoin Fear and Greed Index has moved into the greed zone, with a reading of 72, despite BTC being roughly 40% below its record high. The sentiment change was possible due to Bitcoin's strongest short squeezes of the year, which led to more than $3 billion in bearish positions being liquidated.
The recent breakout came on the verge of a significant options expiry, with Coinbase Markets estimating approximately $2.01 billion in combined notional open interest for Friday's BTC and ETH options expiry.