Recovering from recent market turmoil, Bitcoin is now gearing up for a massive run ahead of the $15 billion of options expiry on 27 June. Marking one of the largest, this monthly options expiry has fueled a renewed rally in Bitcoin price, with it now eyeing a new high over the weekend.
As per data from Deribit, a total of 139,767 Bitcoin options are expected to expire tomorrow, with a put/call ratio of 0.74, including a total of 80,351 calls and 59,416 options. The max pain price for this expiry is $102,000—significantly lower than Bitcoin’s current market price.
Bitcoin to Hit New All-Time High This Weekend?
At the time of writing, Bitcoin is trading near $108,090—up 3.17% in the past 7 days. It has jumped over 9.58% from a weekly low of $98,560, recorded while the geopolitical tension between Israel-Iran and the US tightened.
Given that the market has now entered into a relatively stable phase and there are no foreseen uncertainties currently, Bitcoin price is soaring, with it attempting to break above monthly highs. If it succeeds, analysts are predicting that a new all-time high could be in play.
As Bitcoin is currently hovering around $108K, it is roughly 3.54% away from hitting a new all-time high of $111,970—recorded on 22 May. Any swift push above $110K would likely send Bitcoin to retest this high and potentially break above the mark by the weekend.
However, the uncertain nature of crypto markets could cause sudden shifts that would impact Bitcoin’s trajectory. In addition, any further escalation in the Middle East would also influence the broader crypto market as risks still loom around.
Also read: Nano Labs Secures Initial 600 BTC in $500M Notes Deal for BNB Treasury
