Bitcoin Achieves Record Daily Close, $110K Emerges as Crucial Resistance Level

Bitcoin Hits All-Time Daily Close Near $107K, Eyes $110K as Next Major Barrier

Bitcoin recorded its highest daily close ever on Tuesday, settling at $106,830 (UTC), according to TradingView data. With this milestone behind it, traders and analysts are now focused on the $110,000 level, which could serve as a critical price point that drives further momentum.

While Bitcoin trades around the clock, daily candle closes provide important reference points, much like traditional FX markets. The recent surge came as investors flocked to spot Bitcoin ETFs amid turmoil in global bond markets, raising fears about fiscal challenges in key economies such as the United States.

Industry experts shared with CoinDesk that these fiscal pressures might actually bolster demand for Bitcoin, alongside other safe-haven assets like gold.

The Coinbase Bitcoin Premium Index, which measures the premium of Bitcoin prices on Coinbase Pro versus Binance USDT pairs, remains positive, reflecting continued robust buying interest from U.S. investors.

On the derivatives front, options data from Deribit, analyzed by Amberdata, reveals a notable cluster of negative gamma at the $110,000 strike. Negative gamma positions tend to push market makers to hedge in the direction of price moves, which can amplify both rallies and sell-offs.

This means that if Bitcoin breaks above $110,000, the price action could accelerate sharply, fueled by options market dynamics. The growing influence of options trading in recent years has frequently led to heightened volatility during key price moves.