Bitcoin Traders Target $130K as Bullish Call Option Activity Surges

Bitcoin (BTC) is trading at $108,295.28, with traders increasingly eyeing higher strike call options on Deribit. This surge in activity points to growing anticipation of renewed bullish volatility in the crypto market.

Despite volatility remaining near historical lows, analysts at QCP Capital believe a breakout above the $110,000 resistance could trigger a fresh wave of volatility. In a recent market update, the Singapore-based firm noted that "some larger players appear to be positioning for just that."

Traders are actively purchasing September $130,000 calls and maintaining positions in September $115,000/$140,000 call spreads. This strategy reflects a strong bullish sentiment for Bitcoin heading into Q3. Call options grant the holder the right, but not the obligation, to buy Bitcoin at a specified price before expiration. Buyers of higher strike calls, such as $130,000, are essentially betting on BTC’s price climbing beyond those levels.

Currently, Bitcoin has been range-bound between $100,000 and $110,000 for over 50 days. This stagnation is largely attributed to selling pressure from long-term holders, which has offset positive inflows from Bitcoin ETFs.

However, market conditions may soon shift. The release of the Federal Reserve’s June meeting minutes on Wednesday and an extension of the U.S. tariff pause until August 1 could inject fresh momentum into Bitcoin’s price action.

As traders continue to load up on bullish call options, eyes are now on whether BTC can decisively break through the $110,000 ceiling and trigger the next major move upward. The coming weeks could prove pivotal for Bitcoin’s trajectory in the second half of 2025.