Bitcoin’s Next Resistance: Our Favorite BTC Trade Is Up 1,334%
Bitcoin is now trading near $75,000, catching most of the market off guard. After settling into a comfortable summer lull, most traders had expected the bottom to arrive only in October. We took a different view, positioning for a surprising upside move instead, a thesis we laid out in a recent CoinDesk interview (here), conducted when Bitcoin was still trading at $63,000.
When Bitcoin jumped to $69,201 yesterday, many traders looked to fade the rally, but our statistical analysis pointed the other way (here): the push higher was likely to continue. Because we focused on Bitcoin options, instead of spot or futures, we stayed in the trade and let the P&L keep running.
In our August 5 report, “How We’d Be Using Bitcoin Options Right Now for the Next Move,” we recommended buying the $70,000-strike Bitcoin calls expiring August 28, 2026. Since then, those calls have surged from $358 to $5,130 (or 1,334%) as implied volatility climbed from 30% to 40%, and Bitcoin rallied.
A critical question now is whether this move continues, and if so, how high. But equally important: for traders who followed our suggestion to buy the $70,000 August calls, what should they be doing now, and what’s our preferred trade going forward?
Our favorite trade for August - BTC $70,000 calls
