Bitcoin Rebounds Amid Optimism Over U.S. Government Funding Agreement

According to BlockBeats, Bitcoin has rebounded to $106,000 after failing multiple times to drop below $100,000, driven by optimism surrounding a U.S. government funding agreement. Despite ongoing OG sell-offs and ETF outflows, the cryptocurrency has managed to recover. The flow of options funds remains mixed, with bullish butterfly options indicating market optimism, while bearish call spread options limit expectations for new highs this year. Bitcoin's ability to absorb OG supply pressure is reminiscent of past cycles like Silk Road and Mt. Gox, reflecting stronger market depth. Although activity in large trading accounts (DAT) has decreased, their impact on market sentiment remains crucial. Bitcoin's stability at $100,000 provides breathing room for the U.S. Treasury market. However, if Bitcoin's price surpasses $118,000, it may trigger another round of OG sell-offs.