Bitcoin options are highlighting the cryptocurrency's potential to reach new all-time highs, particularly after a recent surge that brought Bitcoin above $101,000. With vast sums in put options likely to expire worthless due to their strike prices being set below the current market level, bullish strategies among traders may pressure short sellers. Notably, 97% of the $8.3 billion in Bitcoin put options are positioned under $101,000. If Bitcoin maintains a price above $100,000, bullish strategies could lead to positive outcomes for traders, thus supporting upward price momentum. However, significant short positions, amounting to $69 billion on the futures market, could counter this rise if they resist closing as prices increase. Should Bitcoin surpass $105,000, it could trigger a rally towards new highs, fueled by short covering. The current dynamics in the options market suggest that traders are leaning heavily towards bullish sentiments, anticipating further gains.

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