TechFlow news, on February 14, according to CoinDesk, the 200-week simple moving average (SMA) for Bitcoin is currently at $44,200—setting a new all-time high, yet still well below the peak of the 2021 bull market at $69,000. Historical data suggests that bull markets typically do not end until the 200-week SMA reaches the previous cycle's all-time high; for example, the 2021 bull run peaked when the SMA hit the 2017 high of $19,000, and the 2017 rally ended when the SMA reached the four-year prior high of $1,200.
Options market data further supports this view. Deribit data shows that premiums for call options with expirations over three months are generally higher than those for put options. The largest open interest is at the $120,000 strike price, totaling $1.8 billion, reflecting strong institutional investor expectations for rising Bitcoin prices. Currently, Bitcoin is trading in a range between $90,000 and $110,000, with technical indicators suggesting a breakout is likely.
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