Bitcoin Price Hits Two-Month High Above $12,300

Oct 21, 2020 at 12:20 UTCUpdated Oct 21, 2020 at 13:42 UTC.Bitcoin's price reached a two-month high on Wednesday, taking month-to-date gain to over 13%.The top cryptocurrency by market value rose to a high of $12,379 soon before press time - the highest level since Aug. 18, according to CoinDesk's Bitcoin Price Index.

Prices are now up over $2,000 from the lows near $10,000 seen in early September.

"The bullish momentum is certainly picking up with support from large corporations buying into the market," Wayne Chen, CEO, and director of Interlapse Technologies told CoinDesk in a LinkedIn chat.

Firms like Square, MicroStrategy, and Stone Ridge have recently disclosed bitcoin treasury investments, validating the cryptocurrency's appeal as a store-of-value asset.

Options market data shows investors are expecting the price rally to continue.

"Bitcoin is breaking out and the options market is preparing for a bigger rally," Skew's CEO Emmanuel Goh told CoinDesk in a Telegram chat.

The bullish mood is evident from the negative one-, three-, and six-month put-call skews, which measure the cost of puts relative to that of calls.

In other words, calls, or bullish bets, are drawing higher prices than puts, or bearish bets - a likely sign of investors positioning for a price rally.

Notably, the one-month skew fell to -14% on Tuesday, the lowest level since Aug. 1, suggesting the most bullish mood in 2.5-months.

Bitcoin's immediate resistance is located at $12,476.