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.

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