BTC holds firm at $80K support as options market leans bullish

QCP Capital said BTC has repeatedly failed to break above $87,000, while support around $80,000 has remained relatively firm. The firm said a move above $87,000 could set up a next target of $94,000. In the options market, implied volatility remains elevated, but put premiums are declining, suggesting market participants expect further upside rather than hedging downside risk. QCP Capital added that large long positions have formed in $90,000, $95,000 and $100,000 call butterfly options expiring on Oct. 30, local time, and said the trade is the largest among options expiring at the end of this month.