Bitcoin franchit 75 000 dollars, le marché des options à l'attaque ! Bitwise : viser le million de dollars n'est pas un rêve

Bitcoin, driven by options put open interest liquidation, has broken through the resistance at $75,000. Despite warnings from analysts that the bear market pattern remains unchanged, Bitwise’s chief investment officer remains optimistic about institutional resilience, expecting a future surge toward $1 million.

Bitcoin Breaks Key Resistance at $75,000

Bitcoin has risen for several consecutive days, now strongly surpassing the $75,000 mark, reaching a high of $75,800, successfully breaking through the long-term resistance zone that has repeatedly suppressed its gains this year.

Markus Thielen, founder of 10x Research, stated in a report to clients that the recent rally was mainly driven by traders heavily selling put options with strike prices between $55,000 and $60,000.

Traders are gradually realizing that as expiration approaches, these options are less likely to end in-the-money. Unwinding these downside hedges directly propelled the latest bullish price movement.

Options Put Open Interest Liquidation Triggers Chain Reaction

Put options are a type of derivatives contract that give the buyer the right to sell the underlying asset at a fixed price before a specific date. Traders typically buy puts when expecting a price decline or seeking to hedge against losses; they serve as insurance against falling prices, while calls offer upside exposure.

Looking back to early February this year, when Bitcoin’s price plummeted and approached $60,000 on some exchanges, traders heavily bought puts at $60,000 and lower. However, as market sentiment stabilized afterward, traders were forced to reassess their bearish positions.

Thielen pointed out that unwinding these bearish bets can generate a secondary bullish effect. Selling or closing Bitcoin puts can reduce downward hedging pressure and compel market makers to buy Bitcoin to rebalance their exposure, creating a capital flow that supports price increases.

Image source: 10x Research 10x Research states that the cryptocurrency options market is signaling something most traders are ignoring

Last week, CoinDesk also noted that as Bitcoin approaches $75,000, the rally could accelerate amid market makers’ hedging activities.

Analysts Warn: Long-term Bear Market Pattern Remains

Although Bitcoin has regained the key trendline and turned it into support, traders remain concerned that recent breakout attempts might fail.

According to Cointelegraph, trader Jelle commented on the social platform X that the rebound has lasted longer than expected, but from a macro perspective, the overall situation has not changed. Jelle added that historical experience shows the current bear market needs to continue to fit the typical Bitcoin price cycle behavior.

Another trader, Daan Crypto Trades, focused on CME Bitcoin futures, which last weekend showed a new gap near $71,500.

He posted on X that if Bitcoin’s price begins to fall into that zone, it would be a key point to watch, roughly aligning with the regional high. While the price may not necessarily drop to that level, once touched, it can serve as an indicator of a local reversal zone.

• Further reading: Bitcoin CME gap closing? CME to launch 24/7 crypto derivatives trading in 2026

Bitwise Chief Investment Officer: Reaching $1 Million Is Not a Dream

During periods of price volatility, Bitwise CIO Matt Hougan stated that although Bitcoin has fallen about 50% since October 2025, most institutional investors still hold Bitcoin ETF positions.

Hougan believes that because Bitcoin remains an unconventional asset, institutions willing to allocate to it face professional risks, leading them to hold high conviction. This results in their capital remaining very stable even amid turbulent markets.

Based on the resilience shown by institutions, Hougan reaffirmed his long-term outlook for Bitcoin. He stated that predicting Bitcoin reaching $1 million is not crazy at all. As the global store of value market continues to expand and Bitcoin becomes a significant part of it, this target can be achieved.

This content is summarized and generated by Crypto Agent from various sources, reviewed and edited by Crypto City. It is still in training, so there may be logical biases or inaccuracies. The content is for informational purposes only and should not be considered investment advice.