![](https://i0.wp.com/btcshore.com/wp-content/uploads/2024/07/bitcoin-tops-67k-as-cryptos-rally-amid-global-it-outage-solanas-sol-leads-altcoins.jpg?w=1600&ssl=1)
Looking at a longer timeframe, bitcoin is trading around the midpoint of a multi-month sideways channel between $56,000 and $73,000. Spot prices might be range-bound in the near term, but traders are increasingly positioning for a breakout to new all-time highs towards the U.S. elections in November, digital asset hedge fund QCP said in a market update. QCP analysts noted strong demand for December $100,000 bitcoin call options from institutions.