Bitcoin Options Turn Bullish as BTC Rebounds Above $84K Amid Tariff Uncertainty

Bitcoin (BTC) options traders are shifting bullish once again, with call options gaining traction as BTC rebounds to over $84,000 from last week's dip below $75,000. The recovery follows market reactions to mixed signals from the Trump administration regarding newly announced tariffs. After initially imposing sweeping levies, including a 125% tariff on Chinese tech goods, the White House backtracked on Friday, sparing key items like smartphones—only for Trump to later walk back the relief, creating confusion in markets.

Despite the policy flip-flop, Bitcoin’s price surge triggered renewed demand for upside options. According to Deribit, traders offloaded protective puts at $75K–$78K strikes and aggressively picked up $85K–$100K calls. This change in sentiment is reflected in the options skew, which tracks the demand for calls versus puts. After hitting panic-driven lows last week, 30-, 60-, and 90-day skews have returned to neutral levels, signaling reduced downside fear and increasing bullish appetite. The seven-day skew remains slightly negative, but the put bias has eased significantly from its -14% low.

Open interest data from Deribit, which hosts over 75% of global BTC options activity, highlights the $100K call as the most popular bet, with nearly $1.2 billion in notional open interest. Other popular strike levels range from $95K to $120K, suggesting growing confidence in a major upside move. Meanwhile, the $70K put remains the second-most active option, reflecting ongoing caution among some investors.

The stabilization in BTC options sentiment and the renewed bullish positioning could indicate that traders are positioning for a continued rally—especially if macroeconomic uncertainty, including tariff policy, continues to drive volatility in traditional markets.