Market Signals Strong Support Around $80,000 in Options Trading

Analysis by on-chain data expert Murphy reveals substantial activity in options trading, with notable purchases of call options at the $80,000 price level. The market has also witnessed an uptick in the selling of call options and purchasing of put options at the $100,000 threshold. These trends suggest a strong support level around $80,000, with bullish investors preparing to capitalize on this level. Conversely, $100,000 is perceived as a formidable resistance point by bearish investors, prompting increased hedging strategies against potential price surges and breaks.