Bitcoin options traders bet price could surpass all-time high by end of June, analyst says

Based on recent options data from Binance, bitcoin open interest is concentrated at a strike price of $75,000 for the end-of-June expiry, an analyst said.

According to Ruslan Lienkha, the chief of markets at Cyprus-based exchange YouHodler, the open interest concentration focuses on bitcoin's all-time high. Bitcoin BTC -1.87% reached its all-time high of over $73,000 in the middle of March, according to The Block's Price Page .

"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 told The Block.

The observation concurs with data from the Deribit derivatives exchange, which also shows a concentration of calls at a strike price of $75,000 for the end-of-June expiry.

There is a concentration of calls at a strike price of $75,000 for the end-of-June expiry. Image: Deribit.

Bitcoin price could trade flat in the short term

However, the bitcoin price will likely continue consolidating around current levels in the next few weeks, Lienkha said.

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Options are derivative contracts that give a trader the right but not the obligation to buy or sell the underlying asset at a predetermined price on or before a specific date. A call option gives the right to buy, and a put offers the right to sell. It is assumed that a trader who buys a call option is implicitly bearish on the market, while a put buyer is implicitly bearish.

Bitcoin is holding above the $61,000 mark, having posted a slight decline of over 1% in the past 24 hours to trade at $61,115 at 11:25 a.m. ET, according to The Block’s Price Page .

The GM 30 Index , representing a selection of the top 30 cryptocurrencies, decreased 0.77% to 128.52 in the same period.