[10x Research: Bitcoin's Recent Surge Likely Driven by Massive Closure of Bearish Options] According to CoinDesk, Markus Thielen, founder of 10x Research, stated that the recent surge in Bitcoin was primarily driven by the closure of a large number of bearish options with strike prices around $55,000 and $60,000. As these options approach expiration and become increasingly unlikely to be exercised, traders closed these positions, forcing market makers to buy Bitcoin to rebalance their exposure, creating buying pressure that supports the price increase. Thielen noted that there has not yet been significant buying of bullish options, indicating that the surge is mainly driven by hedging closures rather than proactive bullish sentiment. Bitcoin briefly surpassed $76,000 this morning, marking its first effective breakout above the long-term resistance range of $73,750-$74,400 since 2024, driving the overall crypto market higher.