Recently, Bitcoin prices have continued to strengthen. Data from multiple institutions shows that three key signals—on-chain, futures, and options—are all positive, indicating the market is moving towards the $85,000 target.

Signal 1: Breakthrough of Key On-Chain Cost Levels, Bullish Pattern Established

Bitcoin has successfully broken through two core on-chain price levels:
Real Market Mean (TMM): Approximately $78,200, representing the average holding cost of active investors.
Short-Term Holder Cost Benchmark: Approximately $79,100, reflecting the average cost of buyers over the past six months.
Prices stabilizing above this range indicate that most active investors are in a profitable position, significantly reducing selling pressure and opening up room for further upward movement. On-chain institutions point out that the next key resistance level is around $85,200.

Signal 2: Futures Funding Rates Turn Positive, Short-Selling Pressure Significantly Eases

Over the past three months, Bitcoin futures funding rates have been consistently negative, reflecting strong short-selling sentiment and high short-leverage in the market. Recently, funding rates have returned to neutral from negative levels, significantly improving the situation where short sellers were exerting continuous pressure. The futures market is no longer a drag on the price increase, clearing obstacles for further price movement.

Signal 3: Hedging Demand in the Options Market Boosts Price

Around $82,000, a large number of traders established short positions in Gamma, forcing market makers to passively hedge their risks. As prices continue to rise, market makers will passively buy to balance their positions, creating a buying boost effect that further amplifies the upward momentum and increases the probability of reaching $85,000.

The current Bitcoin rally is not simply driven by sentiment, but rather the result of a convergence of three signals: on-chain structure, futures sentiment, and options mechanisms. If the price can hold key support, $85,000 will become the next important target to watch.