Deribit Exchange Data Signals Bitcoin Consolidation in $120K-$130K Range as Bullish Momentum Builds

Bitcoin surged past $123,000 early Monday, continuing its upward trajectory toward $140,000, fueled by a strong breakout in BlackRock's IBIT last week. The cryptocurrency is experiencing a "Goldilocks" moment, with a pro-crypto U.S. President advocating for ultra-low interest rates amid fiscal expansion and stock market highs. This alignment of factors creates an unprecedented bullish environment for BTC.

Technical indicators remain overwhelmingly positive. The relative strength index (RSI) and moving average convergence/divergence (MACD) show no bearish divergence, while key moving averages (50-, 100-, and 200-day SMAs) maintain a bullish stack on daily and intraday charts. A breakout in cumulative open interest for BTC perpetual futures on offshore exchanges could further accelerate gains.

Prices appear poised to test $130,000, the upper boundary of an ascending parallel channel drawn from April and June lows. However, consolidation between $120,000 and $130,000 may occur in the NEAR term. Options market makers are long gamma at strikes between $120,000 and $130,000, with significant activity concentrated in July contracts on Deribit, as tracked by Amberdata.