Bitcoin price would have a “bull run” in June

According to options trading movements, bitcoin (BTC) could see a price rise to new all-time highs this June. This is shown by data from Deribit, the main exchange for this activity.

The majority of bitcoin purchase options that expire on June 28 on Deribit are for prices between $75,000 and $85,000 (USD). Specifically, operations between such quotes represent more than USD 1.2 billion, as seen in the next graph.

Meanwhile, as reported by CriptoNoticias, the price of bitcoin continues in a period of consolidation in a range below the historical maximum of USD 73,700 that it registered three months ago. It is currently trading around USD 70,000, as seen below.

Thus, options traders are bullish for the remainder of Junewith most of its purchase rights at prices higher than the all-time high.

Bitcoin call options are financial contracts that, for a cost premium, grant the right, but not the obligation, to purchase BTC at a specific price before a certain date. When traders purchase them at higher prices than the current one, it reflects their anticipation of a possible rise and their hedging strategy in case it happens.

Investment in bitcoin futures and ETFs increases

In addition to call options, the futures market is also reflecting bullish signals. The number of positions in these instruments has increased to USD 19 billion while the financing rate has remained positive for three weeks. This can be seen in the graph.

The positive financing rate in the futures market means that there are more positions betting on the price increase than on the decrease. “This indicates that fast traders (futures traders) expect bitcoin to continue rising,” explains Matrixport, an investment company.

Matrixport also highlights that exchange-traded funds (ETFs) of bitcoin in the United States this week recorded the second largest daily entry in its history. So you can check it below. With this combination of factors, the investment company maintains that “bitcoin appears ready to rise further.”

However, it should be taken into account that June is not usually one of the most bullish periods of the year for the digital currency, although it is not one of the most bearish either. As seen below, in six of the last eleven years it closed with a price increase, unlike other months that have done so on more occasions.

According to analyst Michaël van de Poppe, the important thing now is that USD 70,000 is maintained to continue to the all-time high. He believes this is the floor test the BTC market needs to gain momentum and push cryptocurrencies in general higher.