FameEX Hot Topics | BTC Bulls Take Lead, Set Sights on $110K Before Options Expiry

Bitcoin traders are keeping a close eye on the upcoming $20 billion monthly options expiry scheduled for June 27. Despite Bitcoin slipping 1.72% over the past 30 days, many traders had already positioned themselves defensively, using options to hedge against a sharper downside. Now, with signs of a price rebound, bullish investors are sensing an opportunity to regain momentum.

This recovery has brought renewed attention to the $105,000 price level, which is shaping up to be a crucial area of support. If bulls can maintain Bitcoin above this threshold, it could act as a launchpad for a potential surge to new all-time highs in the weeks ahead. The $105K level is seen as a psychological and technical marker that may determine whether bullish momentum continues into July.

Currently, the options market reflects a bullish tilt. Open interest for call (buy) options totals $11.2 billion, compared to $8.8 billion for put (sell) options. Interestingly, $7.1 billion of those puts have strike prices at or below $101,000. This means the pressure is on bearish traders to push Bitcoin below $101,500 by June 27 to avoid significant losses—a roughly 5% drop from the current $107,300 price. If bulls manage to hold the price above $106,000, they’ll retain a strong edge, especially with consistent inflows into spot Bitcoin ETFs.

Adding to the bullish sentiment is the U.S. Federal Reserve's recent dovish stance. During a semiannual testimony before Congress, Fed Chair Jerome Powell signaled that interest rate cuts remain possible, saying “many paths are possible,” including easing rates sooner if inflation remains soft. His remarks offered reassurance to risk markets, including crypto.

Supporting Powell’s outlook, other Fed officials like Michelle Bowman and Chris Waller echoed expectations for a rate cut as early as July. Coupled with a surging S&P 500, Bitcoin’s current setup is being viewed by many as increasingly favorable for bulls heading into the next month.

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