Deribit data suggests bitcoin could rise to $300,000

Traders maintain a bullish outlook on bitcoin, as indicated by data from the cryptocurrency options exchange Deribit. Some market participants believe that the asset's price could rise to $300,000 by the end of June.

BTC is currently hovering near $107,600. This level is slightly lower than the all-time high of $109,200, hit on January 20 during Donald Trump's inauguration, Bloomberg notes. Bitcoin has lost about 30% of its value before returning to growth. The asset's rebound over the past few weeks was driven by a thaw in global trade tensions and subdued US inflation data for April.

According to crypto analytics firm Amberdata, the increase in open interest in BTC on Deribit at the beginning of the week was concentrated at strikes above $110,000. Meanwhile, most hedging activity during the period clustered around $105,000.

The market positioning suggests investors expect bitcoin to rise, Bloomberg reports.