Bitcoin is at a decisive crossroads this week, with bulls eyeing a breakout past key resistance. Despite a recent decline in price, the sentiment across the derivatives and spot markets is seeking to go all bullish. With BTC price trading around $107,095 and posting nearly 2% daily gains, the broader crypto market is also watching closely. Liquidity zones below could act as traps for short sellers, while sustained momentum above $107k could ignite an altcoin rally. Join me in this pursuit of deriving the potential Bitcoin price targets for this week. 

Onchain Data: Options Market Goes Bullish

The most telling signal this week comes from the options market. As per Glassnode, the 25 Delta Skew, a metric to measure the demand for calls versus puts, has turned heavily bullish:

• 1-week skew jumped from -2.6% to +10.1%
  
• 1-month skew rose from -2.2% to +4.9%

This shift highlights traders rapidly accumulating short-dated call options, expecting upward volatility. It is worth noting that the divergence between rising skew and stagnant spot prices suggests that the market is anticipating an imminent breakout, which is not yet priced in.

Such skew dynamics generally come before sharp directional moves, with the current bias suggesting upside. The surge in skew, especially for near-term expirations, stresses confidence in a bullish catalyst within the next few days.

Bitcoin Price Analysis: Calm Before the Breakout Storm

According to a post by analyst Michael van de Poppe, Bitcoin’s price structure indicates that a larger expansion could unfold if BTC price sustains above the $107,000 mark. The chart analysis shared by him shows that the $106.6k to $107k range remains the crucial area for momentum ignition.

He further mentions that if the liquidity build-up around $105.5k is broken, a sweep toward $103k is likely. Successively, the spot buy zones lie in the $103k level, with further safety nets below $100k. 

That being said, psychological elements like geopolitical stability, particularly in the Middle East, could boost risk-on appetite and trigger a breakout momentum. If bulls clear $107k, an upside move toward $108k could be on the horizon, which could potentially open the gates to $110.5k.

Also read our Bitcoin (BTC) Price Prediction 2025, 2026-2030 for long-term price forecasts.

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