Bitcoin is set for its largest options expiry of 2024, with a total exposure of $13.6 billion. Less than 2% of BTC put options target a price of $100K or higher. This significant event provides a crucial opportunity for bulls to push Bitcoin’s price above $100,000. Recent trends show that the S&P 500 has struggled to maintain levels above 6,000, reflecting increasing investor caution amid macroeconomic uncertainty. The yield on U.S. 5-year Treasuries has dropped, indicating a flight to quality as investors prefer safer assets like bonds. Despite this, Bitcoin has rebounded 5% from $90,775, and there remains strong confidence among traders. With an aggregate notional value of $7.4 billion in Bitcoin options, there’s a notable bullish tilt, especially as only 20% of call options have strike prices at or above $100,000. Among various price scenarios, the outcomes of call options heavily favor bullish positions, suggesting significant pressure on bears to keep prices below $90,000 before the options expire. The resilience of Bitcoin might lead to reaching $100,000 or higher after this expiry.

Source 🔗