For the first time since February, Bitcoin has had a three-week winning trend.

• BTC has registered its first three-week winning trend since February.
• Dealers have seen massive call buying activity at the $75,000 strike price and beyond and put selling, according to Amberdata.

As to TradingView, a data provider, Bitcoin (BTC) has achieved its first three-week winning run since February. Traders purchasing call options, which have an asymmetric upside potential over $75,000, have been the main drivers of the surge.
In the seven days leading up to September 29, the top cryptocurrency by market value increased by over 3%, continuing a trend of price gains of over 7% in the two weeks prior. The cryptocurrency’s upward trajectory was probably maintained by China’s significant stimulus announcement and inflows into U.S.-listed spot ETFs, which amounted to more than a month’s worth of newly created Bitcoin.
According to order flow monitored by Amberdata, dealers on the cryptocurrency exchange Deribit witnessed enormous call purchasing activity as prices increased, even at the $75,000 strike price and beyond. Put option sellers were also investors.

“This flow pattern suggests a bullish outlook for spot prices (due to the put selling) while also anticipating an acceleration in price movement,” Greg Magadini, Director of Derivatives at Amberdata, said in a note shared with CoinDesk.
The right, but not the responsibility, to buy Bitcoin (BTC) at a certain price at a later time is granted to the holder of a call option. A put buyer is negative and seeking to protect themselves from price declines, whereas a call buyer is implicitly enthusiastic about the market.
The upward trend in call and put purchases and sales points to predictions that prices will soon break out of a corrective trend that has been in place for six months—a tendency that seasoned analyst Peter Brandt refers to as the “expanding triangle”

A possible breakout would indicate the continuation of the larger upward trend from the October 2023 lows below $30,000.
“A break above $75K could lead to a swift rally through all-time highs toward $100K, where the last tranche of call buyer activity is concentrated in the December 27, 2024, expiration,” Magadini stated.