Bitcoin Call Options Concentrate at High Strike Prices
As the market aims to surpass the $50,000 psychological level, many long-term bullish traders are purchasing cheap call options with strike prices higher than current bitcoin prices. These strike prices indicate significant highs above the previous cycle, according to experts. The concentration of bitcoin calls at the $60,000 strike price and above suggests that there is a particular interest or expectation among market participants that the price of bitcoin will rise above this level before the next end-of-month expiration date.
BTC Options Market Biased Towards Longs
The options market is heavily biased towards the long side, with an increasing number of call spread positions in the derivatives market since bitcoin crossed the $48,000 mark. The overall open interest spread is currently biased towards calls at a 0.47 put-call ratio. A put-call options ratio below one indicates bullish sentiment in the market, as it means that call volume exceeds put volume. Traders who buy call options are seen as bullish on the market, while put buyers are considered bearish.
About Bitcoin Options
Options are derivative contracts that give traders 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, while a put option grants the right to sell. Traders who buy put options are bearish on the market, while call buyers are bullish.
Bitcoin Price and Market Update
The price of bitcoin currently stands at $48,720, according to The Block’s Price Page. The GM 30 Index, which represents a selection of the top 30 cryptocurrencies, has risen by 0.13% in the past 24 hours.
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