Possible $34,000 for Bitcoin with large buyer’s purchase

The price of Bitcoin is now rising again after two weeks of trading at a loss. Despite trading within a tight range, activity in the options market suggests that Bitcoin could be heading towards new highs. Currently, Bitcoin is trading at $27,900 with a 2.5% profit in the last 24 hours, and over the last week, the cryptocurrency has seen twice the profits with a 4.4% performance. Other cryptocurrencies in the top 10 by market cap are experiencing similar momentum. Data from the crypto options trading platform Deribit indicates a drop in Implied Volatility (IV) which measures the expectation of future price movements by market participants. Deribit claims that growing uncertainty in the crypto market and the macroeconomic landscape is fueling the current dynamic on this metric, which translates into slow price action for BTC and crypto. However, the upcoming U.S. debt ceiling could change the status quo and lead to a further appreciation for BTC and risk-on assets. Over the weekend and into today’s development, Deribit noted that maturity for BTC options turned profitable, and the exchange also saw aggressive calls buying as the landscape signals profits for the cryptocurrency and prices return north of $27,000.