FameEX Hot Topics | Bitcoin Momentum Builds With $110K Target Ahead of $20B Expiry

Bitcoin traders are closely monitoring the upcoming $20 billion monthly options expiry on June 27, which could play a crucial role in determining near-term price direction. Although Bitcoin has dipped 1.72% over the past 30 days, many investors were already positioned for potential downside using options as a hedge. However, the recent rebound in price has shifted market sentiment, with bullish traders seeing renewed opportunity for gains.

The $105,000 level has emerged as a key area of interest, both psychologically and technically. If Bitcoin can stay above this support zone, it could signal strength heading into July and potentially set the stage for a rally to new all-time highs. Bulls are aiming to defend this level as it could serve as a springboard for further upside momentum in the coming weeks.

Options data highlights this shift in sentiment. Open interest for call options currently stands at $11.2 billion, significantly outpacing $8.8 billion in put options. Notably, $7.1 billion of those puts are placed at strike prices of $101,000 or lower. This puts bearish traders under pressure to push the price down by about 5% from the current $107,300 level before expiry. If the price holds above $106,000, bulls are expected to gain the upper hand, especially as inflows into spot Bitcoin ETFs continue.

Market optimism is also supported by a dovish tone from the U.S. Federal Reserve. Fed Chair Jerome Powell recently testified before Congress, suggesting that interest rate cuts remain on the table if inflation remains subdued. His comments reassured financial markets and added strength to risk assets like Bitcoin.

Other Fed officials, including Michelle Bowman and Chris Waller, echoed similar views, anticipating a possible rate cut as early as July. Combined with strong equities performance, these factors are building a supportive environment for Bitcoin bulls.

Disclaimer: The information provided in this section is for reference only and does not represent any investment advice or the official views of FameEX.