Bitcoin Options Traders Eye New All-Time Highs Amid Bullish Market Activity
#Bitcoin❗ #BTC☀ $BTC #BitcoinPriceAnalysis
Bitcoin (BTC) options traders are betting on the cryptocurrency reaching new record prices this month. Digital asset hedge fund QCP noted strong bullish momentum with significant call buying for June expiries, suggesting traders expect Bitcoin to surpass its all-time high of $74,000.
Options are contracts that allow buying or selling an asset at a specific price before expiration. Purchasing call options indicates a bullish outlook. Institutional trading network Paradigm reported heavy call option activity for late June, with some extending into July. On Tuesday, approximately 1,100 contracts for June 28 call spreads in the $74,000-$80,000 range, worth about $80 million, were observed.
Bitcoin has been consolidating around $71,000 after recovering from a dip below $57,000 in early May. It is now just a few percentage points away from breaking its previous high. Crypto investment firm Matrixport highlighted strong inflows into U.S. spot Bitcoin ETFs and increasing open interest in futures, suggesting Bitcoin is poised to surge.
A rise above $72,000 could trigger a short squeeze, potentially liquidating $1.5 billion in leveraged futures contracts and driving prices higher.
