The bitcoin (BTC) market sentiment has shifted significantly after a prolonged period, with investors now betting on a potential surge to $80,000. On Deribit, which holds a significant portion of the multi-billion dollar global crypto options market, the $80,000 call option has become the most favored trade, surpassing the previously dominant $60,000 put as prices began to climb. As of the latest data, open interest for contracts at the $80,000 strike is over $1.6 billion, with each contract representing one bitcoin, compared to $1.41 billion for the $60,000 put.
Bitcoin has rebounded above the $70,000 mark from early-week lows near $67,000, bolstered partly by a temporary cessation of hostilities between the U.S. and Iran that impacted oil prices. Analysts suggest that continued weakness in oil could alleviate inflation concerns, potentially strengthening arguments for Federal Reserve rate cuts — a scenario often favorable to risk assets like bitcoin.
Supporting this bullish outlook is on-chain data. Meanwhile, analysts at 21Shares posit further upside potential, speculating that the price might reach $100,000 by June’s end under conducive conditions. However, risks persist, as the ceasefire remains tenuous and any renewed conflict could escalate oil prices, potentially dampening risk appetite and capping bitcoin’s gains.
The U.S. fourth-quarter GDP data is scheduled for release later today. Although this backward-looking indicator might have limited immediate impact, a significant deviation in either direction could trigger short-term market volatility. Market participants should remain vigilant.
A chart depicting bitcoin’s daily price fluctuations since October 2025 highlights a yellow trendline originating from the peak of over $126,000 recorded in that month, illustrating the severe bear market. As of now, BTC’s trading price is near this trendline resistance, a critical juncture for potential breakout or rejection.
A decisive rally above the trendline, ideally supported by strong volume and sustained momentum, would indicate a possible end to the downtrend, potentially opening up paths toward $75,000–$80,000 initially, with further gains if momentum persists. Conversely, rejection at this level would reinforce it as a valid resistance point, suggesting continued bearish trends and raising the risk of another decline towards support levels near $65,000 or lower.
For deeper insights into today’s activity in altcoins and derivatives, refer to Crypto Markets Today. For an extensive list of upcoming events, consult CoinDesk’s ‘Crypto Week Ahead’.