Bitcoin Jumps to $35K with Options Positioning Suggesting Price Has Further to Run

Bitcoin's price has broken out and reached as high as $35k in the past 24 hours, with the uptick in bullish momentum and high demand from institutional investors contributing to the spike. The majority of Bitcoin short traders were liquidated, leading to a sudden short squeeze.

Speculation of BlackRock Inc's iShares Bitcoin ETF being approved by the SEC has also contributed to the bullish outlook, with the iShares Bitcoin Trust now listed on the DTCC and viewed as imminent approval for spot Bitcoin ETFs in the next six months. Market analysts expect the Bitcoin bullish outlook to continue in the coming weeks, supported by options with a higher call rate.