According to one market analyst, heavy buying is taking place, predicting Bitcoin to rise between $74,000 and $80,000 by the end of this month.
There is significant buying activity in Bitcoin call options for June maturity. Matrixport stated that BTC is “poised for a higher squeeze” as approximately $1.5 billion worth of short positions concentrated at the $72,000 level can be liquidated.
Market data shows that Bitcoin (BTC) options traders are increasingly positioned to hit new record prices this month. “Our desk has seen a strong bullish continuation with significant put option purchases for June delivery, indicating positioning in the options market for a decisive break of the 74,000 level this month,” digital asset hedge fund QCP said in a market update on Wednesday.
Options are derivative contracts that give buyers the right to buy or sell an asset at a certain price before or on a certain date. If the underlying asset does not reach a certain price, the option becomes worthless. Buying a call option expresses an upward expectation for the price of the asset, while buyers of a put option express a downward expectation.
“Option flow was clearly bullish today, with massively long BTC OTM [out-of-the-money] call spreads for the end of June and to a lesser extent for the end of July,” Paradigm said in a Telegram post. Joshua Lim, co-founder of crypto derivatives prime trading firm Arbelos Markets, noted Tuesday that approximately 1,100 contracts were purchased on $74,000-$80,000 maturity in call spreads ending June 28, representing “very heavy buying” representing approximately $80 million in nominal demand. .
A call spread is an options trading strategy that aims to make a profit by selling the same amount of call options at a higher strike price while buying call options on the same expiration date at a lower strike price.
Bitcoin has consolidated for almost three months since reaching an all-time high of just under $74,000 in mid-March. After briefly falling below $57,000 in early May, it has recovered steadily and is now trading around $71,000, just a few points away from new record prices.
Bitcoin “looks poised to squeeze higher,” crypto investment services firm Matrixport said in an
A breakout above the $72,000 level could trigger a short squeeze, as Matrixport noted, as approximately $1.5 billion of leveraged futures contracts concentrated in this range and betting on lower prices could be liquidated, further amplifying the up move.
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I EXPLAIN IN DETAIL.
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