Bitcoin Eyes $75K Peak in June

The landscape of bitcoin options trading is showing a clear bullish sentiment as market participants concentrate their interests around a significant strike price for the upcoming June expiry. Recent data from Binance highlights a notable concentration of bitcoin open interest at a $75,000 strike price, aligning with investor expectations for a robust upward move.

Ruslan Lienkha, Chief of Markets at Cyprus-based exchange YouHodler, pointed out that this focus is not arbitrary. It aligns closely with bitcoin’s historical performance, especially considering its all-time high. “There is significant call open interest domination, and many option traders expect the bitcoin price to surpass its all-time high by the end of June,” Lienkha explained. Bitcoin previously reached its peak of over $73,000 in mid-March, showcasing its potential to break new ground.

The optimism at Binance is mirrored on other platforms as well, such as the Deribit derivatives exchange. Deribit also records a substantial gathering of call options at the $75,000 strike price for the same period. The preference for call options—contracts that provide the right, though not the obligation, to buy at a predetermined price—indicates a bullish outlook among traders.

In the broader context, bitcoin currently maintains a strong position above the $61,000 mark, despite a slight downturn of just over 1% in the last 24 hours, bringing it to a trading price of $61,115, as per the latest figures from The Block’s Price Page. This stability in price amidst market fluctuations suggests a resilient underlying strength.

Moreover, the GM 30 Index, which tracks the top 30 cryptocurrencies, has shown a modest decline of 0.77% to 128.52. This minor dip reflects the market’s cautious optimism, maintaining a keen eye on potential shifts that could influence broader market movements.

As the end of June approaches, the concentrated interest in bitcoin options at the $75,000 strike price underscores a growing anticipation among investors for a significant upward price movement. This bullish trend in the options market signals a confidence that could potentially steer bitcoin towards new record highs, reflecting an overarching optimism in its future trajectory.