One analyst said recent options data from Binance shows Bitcoin open interest is concentrated around the $75,000 strike price expiring in late June.
According to Ruslan Lienkha, head of markets at Cyprus-based exchange YouHodler, open interest is The focus is on Bitcoin’s all-time highs. Bitcoin BTC
-3.57%
It is said to have reached an all-time high, exceeding $73,000 in mid-March. The Block’s pricing page.
“Call open interest is quite dominant and many options traders expect the Bitcoin price to surpass all-time highs by the end of June,” Lienkha told The Block.
This observation is consistent with data from the Deribit derivatives exchange, which shows a concentration of call options with a strike price of $75,000 expiring in late June.
The call options are concentrated at a strike price of $75,000 that expires at the end of June. Image: Deribit.
Bitcoin price may trade unchanged in the short term
However, Bitcoin price will continue to consolidate towards current levels in the coming weeks, Lienkha said.
An option is a derivative contract that gives a trader the right, but not the obligation, to buy or sell an underlying asset at a predetermined price on or before a specific date. A call option grants the right to buy, and a put option grants the right to sell. Traders who buy call options implicitly assume that the market is down, while put buyers implicitly assume that the market is down.
According to The Block’s price page, Bitcoin remains above $61,000 over the past 24 hours, trading at $61,115 at 11:25 a.m., with a slight decline of over 1%.
The GM 30 Index, which represents the top 30 cryptocurrencies, fell 0.77% to 128.52 during the same period.
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