Options traders remain bullish on %Bitcoin (CRYPTO: $BTC).
Market data from Deribit shows that options traders are buying higher-level calls on Bitcoin in the $130,000 U.S. price range.
Specifically, options traders are betting that if Bitcoin’s price breaks above the $110,000 U.S. resistance level, it will rise all the way to $130,000 U.S. or higher.
Bitcoin’s price has been rangebound between $100,000 U.S. and $110,000 U.S. since the end of May this year. However, traders are betting that a breakout to new all-time highs is imminent.
September call options at $130,000 U.S. are among the most popular bets among options traders currently, with call spreads in the $115,000 U.S. to $140,000 U.S. range.
Call options are essentially bets that an asset’s price will rise in the near-term. Options traders who buy calls are bullish on a particular asset or the market overall.
While BTC’s price has been stuck between $100,000 U.S. and $110,000 U.S. for 50 days, options traders see that changing as investors remain keen on risk assets such as stocks and cryptocurrencies.
Volatility in the crypto market might spike as the June minutes from the U.S. Federal Reserve are released and the 90-day tariff pause for many U.S. trading partners is extended to Aug. 1.
Bitcoin is currently trading at $108,800 U.S., up 16% on the year.
