In a recent analysis by QCP Capital, a significant increase in Bitcoin price is reported, driven by strong spot demand.

Impact of Spot Demand on BTC Price

Last night, Bitcoin briefly reached the $68,000 level before rising 2.20% and settling in the $67,000 range. QCP Capital noted that such price changes are supported by strong spot demand.

Options Market Activity

The firm noted significant movement in the options market during US trading hours, with intense interest in long-term options. Specifically, 600 contracts were traded at $120,000 for the March 28 expiration. This indicates a revival of interest in long-term buyers and increased confidence in price increases as Bitcoin continues its upward trend.

Future Factors Influencing BTC

QCP Capital identified upcoming US elections as the next major factor that could impact Bitcoin's price and the broader cryptocurrency market. However, the firm noted that the market remains uncertain about BTC’s trajectory post-elections. Options expiring closer to the election are trading at a 10% premium compared to other maturities, reflecting heightened anticipation and uncertainty.

Strong spot demand and options market activity continue to push Bitcoin's price to new heights. However, uncertainty related to future events may affect the market's ongoing dynamics.