Options traders predict Bitcoin may surge above $120,000 — Bloomberg

Bitcoin options traders are betting on even higher prices as the cryptocurrency continues its record-breaking rally, Bloomberg reports.

After surpassing $116,000, open interest in Bitcoin options on the Deribit exchange has concentrated around call options with strike prices of $115,000 and $120,000. Meanwhile, longer-term contracts expiring in September and December show heightened demand at $140,000 and $150,000, the news agency says.

Moreover, Bitcoin's surge past $116,000 triggered a wave of short liquidations, with $762 million over the 12-hour period, according to Coinglass data.

Meanwhile, the funding rate for BTC perpetual contracts remains positive. This key metric confirms that bullish sentiment still dominates the Bitcoin market. As Bloomberg notes, these contracts have long been a primary tool for trading crypto assets.