Following false news of a spot Bitcoin ETF approval, the BTC price has stabilized above $28,000. Bitcoin options data shows that long positions are gaining strength, indicating growing confidence in longer-term price increases. Over 10,000 BTC block call options were traded today, representing over 40% of the day's total options activity.

While there may be a period of consolidation in the short term, the spread of selling short-term at-the-money calls while purchasing longer-term out-of-the-money calls reflects a bullish outlook for Bitcoin's long-term prospects. Key support zones for long positions are at $27,700 and $27,300.