Bitcoin Price $80,000

Bitcoin bulls are betting on a price of $80,000, with open interest at the $80,000 strike standing at over $1.6 billion. This is a significant increase from the $60,000 put, which had dominated positioning in recent months.

The shift in sentiment is due to a combination of factors, including a temporary ceasefire between the US and Iran, which has weighed on oil prices. Analysts believe that continued weakness in oil could help ease inflation concerns, potentially strengthening the case for Federal Reserve rate cuts and supporting risk assets like Bitcoin.

The next key event to watch is the US fourth-quarter GDP data, which could provide further insight into the state of the economy and the potential for further rate cuts. If the data is positive, it could lead to increased demand for Bitcoin and drive up its price.