Bitcoin (BTC) went above the crucial $65,000 mark for the first time in four weeks and is up almost 3% over the past 24 hours. BTC’s move past $65,000 comes just ahead of the expiry of over $5.8 billion in options contracts, which analysts believe could increase volatility in the crypto markets. The jump seems to be driven primarily by monetary stimulus in the US and China, which led to crypto markets registering a substantial jump. Nearly all major cryptocurrencies are in the green, led by Solana (SOL), which has been up over 5% in the past 24 hours, and Dogecoin (DOGE), which has been up almost 12%. Other major gainers include Polkadot (DOT), up 4%; Chainlink (LINK), up 5.35%; Bittensor (TAO), up almost 2%; and Render (RNDR), up just over 5%. The overall crypto market cap also registered a substantial increase, rising by nearly 2.5% to $2.29 trillion. Bitcoin (BTC) Reaches Critical Level Bitcoin (BTC) is not the only cryptocurrency that has registered substantial gains, with Ethereum (ETH), SOL, and DOGE registering gains as well. BTC’s jump above $65,000 comes at a crucial time for BTC, just ahead of the expiry of $5.8 billion in options contracts. The $65,000 price had been an important resistance level for BTC, with the cryptocurrency retesting this level. A breakout above this level could lead to a significant rally, while a breakdown could kickstart a selloff. Besides BTC, DOGE also registered substantial gains and is up over 11%, along with SOL, AVAX, and several others. According to Deribit CEO Luuk Strijers, around 20% of Bitcoin contracts are in the money as traders prepare for the options expiration on Friday. According to Strijers, such a large expiry could have a significant market impact as traders rebalance their trades. CEO of Vertex, Darius Tabai, stated,  “The market should chop around ahead of expiries as gamma hedging takes control of the market around the 60 and 65k levels.” Solana (SOL) Registers Record Daily Net Inflows Solana (SOL) has outperformed almost all major cryptocurrencies. It surged past $150 and is up nearly 6% over the past 24 hours. It also registered strong inflows, with net inflows amounting to $992 million. According to data from Artemis Terminal, these numbers have helped the blockchain outshine Ethereum. A positive net flow indicates rising demand, positive appreciation, and a price increase. Turkey Scraps Planned Crypto Tax Turkey has scuppered plans to impose a new tax on the stock market and cryptocurrency gains, according to an announcement by Vice President Cevdet Yilmaz. Instead, the government will focus on reducing tax exemptions. Yilmaz stated that with plans to impose a new tax halted, the government does not currently have an agenda to introduce a new stock or crypto tax.  “We don’t have a stocks tax on our agenda. It was discussed previously and fell from our agenda.” Talks of a potential stock market tax emerged earlier this year to address growing inflation. However, this led to considerable nervousness among investors and a decline in trading volumes. As a result, Treasury and Finance Minister Mehmet Simsek stated the plan would be reassessed. Turkey is facing significant challenges, with its inflation rate at 52%. Yilmaz noted that improving public finances would be key to improving the prevailing fiscal situation and remains a priority. Bitcoin (BTC) Price Analysis Bitcoin (BTC) pushed above $65,000 for the first time since August, leading to a surge in investor interest in spot Bitcoin ETFs. BTC pushed to a high of $65,687 as markets responded to a monetary stimulus in the US and China. BTC began trudging upwards following the Federal Reserve’s announcement of a rate cut, the first since the Covid pandemic. The Fed opted for a 50 bps rate cut instead of the expected 25. Market watchers expect another rate cut after the Fed’s next meeting, scheduled for November 7. However, the immediate catalyst for the jump in sentiment across the traditional and crypto markets is China, where the government is contemplating injecting up to 1 trillion yuan ($142 billion) of capital into the country’s biggest banks to revive its struggling economy. The news led to a significant price jump, including that of Bitcoin. BTC’s jump in price has also led to a renewed interest in spot Bitcoin ETFs. BlackRock’s IBIT registered significant inflows on Wednesday as investors pumped in $185 million. Looking at the Bitcoin price chart, we can see that BTC faced considerable resistance over the weekend and the beginning of the current week as buyers struggled to push above the 200-day SMA and the $65,000 level. BTC also faced significant volatility on Monday after buyers pushed it to a day high of $64,712 before losing steam. As a result, sellers took control and pushed the price to a day low of $62,592. BTC eventually settled at $63,348 after a decline of 0.37%. Buying activity picked up on Tuesday as BTC climbed above the 200-day SMA after registering an increase of 1.46% and moving to $64,275.