Option Traders Bet Bitcoin Price Will Top $82,000
Price ActionDigital Finance
Option traders have turned bullish on Bitcoin and are betting that the price of the largest cryptocurrency will top $82,000 U.S. Market data shows a growing number of Wall Street traders are piling into call-option contracts with an $82,000 U.S. strike price that expire Sept. 4, with one trader alone spending $2.9 million U.S. on the contracts. The bullish bets come as Bitcoin's price briefly rose above $80,000 U.S. for the first time since May, reaching as high as $80,995 U.S. before pulling back to $79,150 U.S., and the cryptocurrency has risen nearly 25% in the past week. Some analysts warn Bitcoin is encountering resistance at $80,000 U.S. and needs a sustained breakout above that level for the rally to continue, while its new trading range appears to be between $74,000 U.S. and $80,000 U.S. after breaking above previous resistance at $65,000 U.S.
