727 FinancePANews October 12 news: QCP Group released a market report noting that, on the one-year anniversary of last October's record largest single-day liquidation, BTC's overall price action has remained relatively firm. Despite market concerns triggered by news such as the U.S. government moving a large amount of BTC and a hack on Ledger, prices have still stayed range-bound. BTC repeatedly pushed toward $87,000 but failed to hold above it, although support below $80,000 has proven quite solid.
At the options market level, implied volatility remains elevated, put option premiums have narrowed somewhat, and overall sentiment is more inclined toward waiting for a directional breakout rather than adopting a defensive posture. If BTC can effectively hold above $87,000, the next target may be $94,000.
The report specifically mentioned that the market currently holds a sizable long position in an October 30 expiry $90,000/$95,000/$100,000 call butterfly option, which is also the most concentrated position at the end of this month.
At the macro level, several key tests are coming this week: U.S. CPI on Wednesday (October 14), PPI data on Thursday (October 15), and on Friday (October 16) Fed Chair Warsh will speak at the IMF-World Bank annual meetings. The market currently prices about a 17% probability of an October rate hike, and the above data and policy signals may become important catalysts for BTC to choose a direction.