Bitcoin Breaks Through $75,000, Options Market Provides Boost! Bitwise: Reaching $1 Million is Not a Dream

Bitcoin surges driven by options short covering, breaking through the $75,000 resistance. Despite analysts warning that the bear market pattern remains unchanged, Bitwise’s chief investment officer remains optimistic about institutional resilience, expecting a potential rally toward $1 million in the future.

Bitcoin Breaks Key Resistance at $75,000

Bitcoin has been rising for several days and has now strongly broken through the $75,000 mark, reaching a high of $75,800, successfully surpassing the long-term resistance zone that had repeatedly suppressed gains this year.

Markus Thielen, founder of 10x Research, told clients in a report that the recent rally was mainly driven by traders heavily selling put options with strike prices between $55,000 and $60,000.

Traders are gradually realizing that as expiration approaches, these options are unlikely to end up in the money. Unwinding these downside hedges directly propelled the latest bullish price movement.

Options Short Covering Triggers Chain Reaction

Put options are contracts that give the buyer the right to sell the underlying asset at a fixed price before a certain date. Traders typically buy puts when expecting prices to fall or to hedge against losses; they act as insurance against declining prices, while calls offer upside exposure.

Looking back to early February this year, when Bitcoin’s price plummeted and approached $60,000 on some exchanges, traders heavily bought puts at $60,000 and lower. However, as market sentiment stabilized afterward, traders were forced to reassess their bearish positions.

Thielen points out that unwinding these bearish bets can create a secondary bullish effect. Selling or closing Bitcoin puts can reduce downward hedging pressure and force market makers to buy Bitcoin to rebalance their exposure, creating a capital flow that supports higher prices.

Image source: 10x Research 10x Research states that the cryptocurrency options market is sending signals most traders are ignoring

Last week, CoinDesk also noted that as Bitcoin approaches $75,000, the rally could accelerate amid market makers’ expected hedging activities.

Analysts Warn: Long-Term Bear Market Pattern Remains

Although Bitcoin has regained and turned a key trend line into support, traders remain concerned that recent breakout attempts could fail.

According to Cointelegraph, trader Jelle commented on X that the rebound has lasted longer than expected, but from a macro perspective, the overall situation has not changed. Jelle added that historical experience suggests the current bear market needs to continue to fit Bitcoin’s typical price cycle behavior.

Another trader, Daan Crypto Trades, focused on CME Bitcoin futures, which last weekend showed a new gap near $71,500.

He posted on X that if Bitcoin’s price begins to fall into that zone, it would be a very important level to watch, roughly aligning with the recent high. While the price may not necessarily drop to that level, once reached, it can serve as an indicator of a potential local reversal.

• Read more: Will Bitcoin CME Gaps Disappear? CME to Launch 24/7 Crypto Derivatives Trading in 2026

Bitwise CIO: Reaching $1 Million Is Not a Dream

During periods of volatility, Bitwise CIO Matt Hougan stated that although Bitcoin has fallen about 50% since October 2025, most institutional investors still hold Bitcoin ETF positions.

Hougan believes that because Bitcoin remains an unconventional asset, institutions willing to allocate to it face career risks, which leads them to hold strong convictions, making their capital very resilient even in turbulent markets.

Based on the resilience shown by institutions, Hougan reaffirmed his long-term outlook for Bitcoin. He said that predicting Bitcoin reaching $1 million is not crazy at all. As the global store of value market continues to expand and Bitcoin becomes an important part of that market, this target can be achieved.

This article is a compilation of information from various sources by Crypto Agent, reviewed and edited by Crypto City. It is still in training, so there may be logical biases or inaccuracies. Content is for reference only and should not be considered investment advice.