Bitcoin hits yearly high.
This is an article discussing the recent rally in the price of Bitcoin, which is believed to be due to the news that BlackRock is considering investing in Bitcoin. The article questions whether the rally can continue or if it has already reached its peak. It compares the current rally to a similar one in March 2023, where Bitcoin experienced a setback of over 22% before kicking off a 46% surge due to rumors of a Silicon Valley Bank bailout.
The article also notes that BTC options may become important today, as a total of 31,000 BTC options expire with a notional value of $930 million. The article presents conflicting on-chain data, with one analyst stating that market participants took a non-trivial profit of $537 million, while another analyst believes there is still potential for a second leg up. The article concludes with caution, stating that while data supports Bitcoin bulls, it is important to exercise caution.