Bitcoin Traders Eye $95K While SUI Rallies 62% This Week

Bitcoin traders are now targeting a $95,000 mark as call options suggest optimistic short-term gains. Meanwhile, SUI from Sui Network continues its impressive multiday rally, gaining over 62% this week. Total value locked (TVL) in Sui has risen to over $1.6 billion, reflecting strong activity in decentralized exchanges.

Bitcoin continues to attract attention from traders and investors alike, hovering above the $93,000 mark. Recent reports suggest a growing optimism among traders eyeing short-term gains, with call options for a $95,000 strike price dominating the market for end-April and May expiries. According to QCP Capital, this surge in call options indicates a tactical appetite for Bitcoin to push higher in the near future.

Call options essentially allow investors to buy Bitcoin at a predetermined price before a specified expiry date. The current influx of purchasing activity signals that many are betting on Bitcoin outpacing the $95,000 threshold soon. However, QCP maintains a cautious stance, mentioning that macroeconomic uncertainties still pose risks. They expect Bitcoin may continue to trade within a narrow range of $90,000 to $94,500 as it gears up for a potential breakthrough toward the coveted $100,000.

Meanwhile, the rest of the crypto market is experiencing a mixed day, with major coins largely unchanged. XRP and BNB remain steady, while Solana has shown a slight uptick of 2%. Notably, Dogecoin and Cardano have rallied more than 4% each, and Shiba Inu has gained about 5%. The CoinDesk 20 index, which tracks the largest cryptocurrencies, has seen a modest rise of 1.2% overall.

Away from the major cryptocurrencies, the Sui Network’s SUI token is on a significant multiday climb, rallying over 62% this week. Contributing to this momentum is the launch of a payment card from xPortal, which operates on the Mastercard network. This development paints a promising picture for Sui as it gathers traction in the DeFi space.

In terms of performance metrics, DefiLlama reports that Sui’s total value locked (TVL) has surged past $1.6 billion, marking an increase of over 9% in just one day. Furthermore, the Sui Network’s decentralized exchange has witnessed a trading volume of $599 million in the last 24 hours, reflecting a robust growth of 35% week-on-week. Overall, things are looking lively in both Bitcoin and the broader crypto landscape.