Bloomberg: Options traders regain bullish stance on Bitcoin, which rose to $100,000 by the end of January.

According to Bloomberg, the Bitcoin options market shows traders are refocusing on the $100,000 price level. As market optimism rises, investors are expected to return to crypto assets after the fourth-quarter crypto market crash. Data from Deribit, a derivatives trading platform owned by Coinbase Global Inc., shows that the number of open contracts in the Bitcoin options market is most concentrated in contracts expiring on January 30th with a strike price of $100,000. Their notional total value is more than double that of the second most popular options contract (a put option expiring on the same day with a strike price of $80,000). Jake Ostrovskis, Head of OTC Trading at Wintermute, stated, “While the size isn’t enormous, the direction is consistent – ​​this builds on the large open interest at the $100,000 strike price that emerged last week. There’s still some bearish premium on the current chart, but it’s softened significantly. Therefore, I think the market no longer seems to be anticipating the most pessimistic downside, and the situation is stabilizing slightly.” Satraj Bambra, CEO of the hybrid trading platform Rails, believes, “A retest of the $100,000 to $106,000 range isn’t impossible; this is common in bearish structures. For Bitcoin to turn bullish, it needs to recover and hold above $106,000 on the weekly chart to attempt another attempt to break the all-time high.”