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<p>The post <a href="https://coinpedia.org/news/bitcoin-surges-to-64268-whats-next-65900-or-market-correction/">Bitcoin Surges to $64,268! What’s Next: $65,900 or Market Correction?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Bitcoin (BTC) has recently experienced an impressive rally, surging beyond crucial support levels at $61,100 to achieve a <a href="https://coinpedia.org/news/crypto-market-has-potential-to-hit-10-trillion-this-cycle-says-crypto-investor/">new high of $64,268</a>. Despite this remarkable performance, Bitcoin is poised to surpass its 2021 peak by a mere 10%, and analysts anticipate a breach of $61,800 could send it even higher to $65,900.</p> 
<p>Simultaneously, Greeks.Live notes a surge in options orders exceeding $5 million, signaling increased market volatility and trading activity.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-bitcoin-s-key-support-level">Bitcoin’s Key Support Level</h2> 
<p>Addressing the key support levels, renowned crypto analyst Ali Martinez offers valuable insights. A substantial volume of over 500,000 BTC has been transacted within the $61,100 to $61,800 range, establishing a robust support area for the cryptocurrency.&nbsp;</p> 
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   <p lang="en" dir="ltr">Over 500,000 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> have been transacted in the range of $61,100 to $61,800, creating a substantial support area. If <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> remains above this threshold, it's poised to climb towards $65,900, given the minimal resistance ahead. <br><br>Conversely, should <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> dip below support, a… <a href="https://t.co/Lw2GhkmBET">pic.twitter.com/Lw2GhkmBET</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1764282098020462870?ref_src=twsrc%5Etfw">March 3, 2024</a>
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<p>Meanwhile, Martinez suggests that maintaining a position above this support zone could pave the way for an upward move toward $65,900, with minimal resistance expected.</p> 
<p>However, caution is advised as Martinez outlines potential downside risks. A breach below the established support level could trigger a correction, potentially driving Bitcoin’s price down to $56,970 or even $51,500.</p> 
<h3 class="wp-block-heading" id="h-btc-to-hit-125k">BTC To Hit $125k</h3> 
<p>Looking ahead, <a href="https://twitter.com/woonomic/status/1764447535010394306">analyst Will Woo</a> presents an optimistic projection, foreseeing BTC surpassing $125,000 by 2025. This is based on an assumption of a 3% portfolio allocation from BlackRock and Fidelity clients, which could significantly impact Bitcoin’s trajectory.</p> 
<h2 class="wp-block-heading" id="h-5m-boost-in-buy-calls">$5M Boost in Buy Calls</h2> 
<p>Further highlighting positive sentiment, Greeks.live, a prominent crypto options trading tool, observed a weekend spike in options block market orders exceeding $5 million, with a noteworthy majority being buy calls. This signals a robust bullish sentiment in the market.</p> 
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   <p lang="en" dir="ltr">The orders over $5 million in the options Block market over the weekend, almost all of which were buy calls.<br>Back on Monday, BTC hit a new high for the year again, a large number of short-term bull spreads were traded, and the current ultra-short-term IV has fully approached 80%,… <a href="https://t.co/SEYnDhrUWl">pic.twitter.com/SEYnDhrUWl</a></p>— Greeks.live (@GreeksLive) <a href="https://twitter.com/GreeksLive/status/1764518671228309666?ref_src=twsrc%5Etfw">March 4, 2024</a>
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<p>This surge in options activity aligns with Bitcoin’s recent achievement on Monday, reaching a new yearly high at $64,000. Consequently, there has been a notable increase in short-term bull spreads trading, pushing the ultra-short-term Implied Volatility (IV) close to 80%. The market is abuzz with a “do more” attitude, entering what feels like a Fear of Missing Out (FOMO) stage.</p>

Bitcoin Surges to $64,268! What’s Next: $65,900 or Market Correction?

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