Bitcoin Continues to Record High, Options Trader Points at 120,000 Dollar Target

Bitcoin has hit another all-time high as options traders aim for a higher price range. As Bitcoin broke through the $113,000 mark for the first time, the Deribit exchange's unpositioned squaring contract was clearly concentrated towards the strike price 115,000 and $120,000 call options. Longer term options expiring in late September and December, the unpositioned squaring contract has been extended to the strike price of $140,000 and $150,000. The breakthrough rally, fuelled by institutional demand, once again validates what crypto bulls have judged since the US election in November - that the return of Trump will usher in a new era of loose regulation. " The options market is reflecting strong bullish sentiment, "said Chris Newhouse, chief research officer at DeFi trading house Ergonia." The breakout of the all-time high follows the largest short position squaring since May 7, with about 447 million dollar positions unwound, a clear indication that bearish positions are overcrowded and prone to short runs. "