Bitcoin's Price Surges 20% to $84,000, Driven by Bullish Options Activity

Bitcoin's market outlook has shifted from a state of panic to optimism, driven by a macro-driven recovery and stabilization in derivatives sentiment. This shift is evident in the recent surge in Bitcoin's price above $84,000, which has led to a significant increase in call options, particularly around the $85K–$100K strike. This rally is influenced by geopolitical factors, including confusion over U.S. tariffs, prompting traders to revisit upside plays and signaling confidence in continued Bitcoin price appreciation.

The recent rebound in Bitcoin's price has coincided with a clear shift in sentiment in the options market. Earlier dominated by heavy put interest, the latest action shows a significant tilt toward calls, especially those targeting $100K. This signals that traders are expecting further gains and are positioning themselves for long exposure via derivatives. The Amberdata report reveals that the Bitcoin call options trend has returned in force, pushing suggested volatility skew readings from sharply negative to neutral or mildly positive levels across the 30-, 60-, and 90-day windows. The 7-day skew is still negative, but this is noticeably a strong sign that panic is receding and the Bitcoin market outlook is stabilizing.

The clearest sign of bullish conviction is the massive open interest in $100K calls on Deribit. With over $1.19 billion in notional open interest, this strike has emerged as the single most popular target among options traders. The bulk of activity happened as Bitcoin surged past $85,000, suggesting a flipping sentiment and put-heavy positions around $75K–$78K. The Bitcoin call options trend was evident even before the price bounced, as traders anticipated macro-induced policy pivots. The recent bond market turmoil and tariff confusion involving President Trump added fuel to this trend.

Traders have also been building positions in $120K strikes and beyond. While $70K puts remain the next most active contract, highlighting a bifurcation in sentiment, the clear dominance of call contracts at higher strikes illustrates a revived Bitcoin market outlook. With the recent shift in momentum, traders are eyeing not just price but also policy developments and liquidity flows. If macro conditions remain favorable with no market volatility, the growing Bitcoin surge may propel Bitcoin toward the six-figure zone. The options market is now leading this charge rather than trailing it.

Amberdata’s analytics show a rise in mid-term call volumes, particularly those expiring beyond 60 days. This suggests confidence isn’t just a short-term reaction but part of a broader strategic reallocation. Traders looking to ride this Bitcoin surge may now prioritize call accumulation over traditional spot accumulation. The Bitcoin market outlook has shifted toward bullish territory, with the $100K strike now dominating options activity. Rising call volumes, stabilized volatility, and improving macro sentiment suggest that this rally is rooted in strategic positioning. Traders are increasingly favoring upside moves, reinforcing confidence in a sustained Bitcoin surge.

If this momentum continues, both spot and options markets will likely drive further upside in the Bitcoin price in Q2 2025. The strong interest in higher strike calls reflects a calculated belief that six-figure Bitcoin is a growing probability.