Bitcoin Options Shift as Bulls Target $80,000 Milestone

Bitcoin (BTC) is experiencing a notable shift in investor sentiment, as evidenced by a surge in bullish positioning within the global options market. Data from Deribit indicates that the $80,000 call option has emerged as the most popular trade, signaling a growing conviction among traders that the asset will rally toward that level. This bullish pivot follows a period of dominance by $60,000 put options, which had characterized the market during recent price declines. Currently, open interest for the $80,000 strike exceeds $1.6 billion, surpassing the $1.41 billion held in $60,000 puts. The price recovery, which saw BTC climb above $70,000 from early-week lows near $67,000, has been partially supported by a temporary ceasefire between the U.S. and Iran. This geopolitical development has pressured oil prices downward, which analysts suggest could ease inflation concerns and strengthen the case for Federal Reserve interest rate reductions—a backdrop that typically supports risk assets. While some analysts, including those at 21Shares, see a potential path toward $100,000 by the end of June under favorable conditions, significant risks persist. The fragility of the ceasefire and the release of U.S. fourth-quarter GDP data could trigger short-term volatility. From a technical perspective, BTC is currently testing a critical trendline resistance stemming from its October 2025 high of over $126,000. A decisive breakout above this level could signal a broader bullish trend reversal toward the $75,000–$80,000 region. Conversely, a rejection at this line would reinforce the existing bear market, potentially leading to a pullback toward $65,000.