Bitcoin bulls gain edge, target $110K ahead of $20B monthly options expiry
Bitcoin bulls appear poised to win the upcoming $20 billion options expiry, raising the chances for a rally to $110,000.
Bitcoin (BTC) traders are closely watching the $20 billion monthly options expiry set for June 27. Although Bitcoin is down 1.72% over the past 30 days, traders who used options to hedge against downside risk were already bracing for a steeper decline.
This recent price recovery may give bulls a key opportunity to solidify support at $105,000, a level that could prove decisive in the push toward a new all-time high in the coming weeks.
Currently, open interest for call (buy) options stands at $11.2 billion, compared with $8.8 billion for put (sell) options. Notably, $7.1 billion of those put options have strike prices at $101,000 or lower. As a result, the advantage has shifted markedly in favor of bullish bets.
