The Bitcoin market is showing new bullish momentum, with increased options activity at strike prices of $110,000 and $120,000 on the Deribit derivatives exchange. After a pullback at the end of December last year that saw Bitcoin prices dip to around $91,000, Bitcoin has rebounded to about $99,000. Derivatives traders are particularly focused on call options with a strike price of $120,000 — currently the most popular on Deribit, with a notional open interest of $1.52 billion. The ratio of put options to call options for all expiration dates on Deribit has now dropped to 0.24, which compares the number of put options to call options, highlighting the bullish market sentiment as traders prepare for potential price increases. A ratio below 1.0 indicates that call options outnumber put options, suggesting expectations of upward momentum. (TheBlock)


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