Three Bullish Logics Driving Bitcoin Higher

First, cooling geopolitical risks release risk appetite. The Strait of Hormuz crisis was the largest market suppression variable over the past three weeks. Higher oil prices mean rising inflation expectations, and rising inflation expectations are extremely unfavorable for liquidity-sensitive assets. As signals of the strait corridor reopening emerge, the market is beginning to reprice.

Second, Bitcoin is playing the role of a non-dollar safe haven asset. In this round of US-Iran conflict, Bitcoin did not fall in sync with the stock market; instead, it strengthened against the trend. Fortune magazine reported that since the war began, Bitcoin has outperformed all mainstream safe assets including gold and equities. This contrasts with Bitcoin's performance during the initial phase of the Russia-Ukraine war in 2022, when it fell alongside the market. The market's perception of Bitcoin's characteristics is changing.

Third, the options structure is creating a magnetic pull effect around $75,000. Crypto analyst Murphy points out that options expiring on March 20 have approximately $180 million of Long Gamma exposure near the $74,000 level. Market makers' hedging behavior will suppress volatility, making prices tend to oscillate within this range, objectively creating resistance. $BTC