Bitcoin Traders Eye $130K as Options Activity Hints at Bullish Volatility Ahead

Bitcoin’s price has remained largely range-bound between $100,000 and $110,000 for over 50 days, but upcoming catalysts could soon shake up the market’s calm.

Despite the muted price action, traders on crypto derivatives exchange Deribit are ramping up bets on higher prices, signaling expectations for renewed volatility in the months ahead.

“Volatility levels remain pinned near historic lows, but a decisive move above $110,000 could ignite fresh volatility buying,” Singapore-based QCP Capital said in a market update. “Larger players are positioning for precisely that scenario.”

QCP noted that traders are actively buying September $130,000 call options, while maintaining positions in September $115,000/$140,000 call spreads. This options activity points to a broadly bullish outlook for Q3.

Call options grant the holder the right, but not the obligation, to purchase an asset at a specific price within a set timeframe, making them a favored tool for bullish bets. Traders targeting the $130,000 strike price are essentially wagering that bitcoin’s spot price will surpass that level.

For now, bitcoin continues to hover around $108,574 as long-term holders keep selling into strength, offsetting inflows into spot ETFs.

However, market volatility may soon pick up. Traders are closely watching Wednesday’s release of the Federal Reserve’s June meeting minutes, which could shift macroeconomic sentiment. Additionally, the U.S. government has reportedly extended its 90-day tariff pause for several key trading partners until August 1, adding another layer of uncertainty to the broader market landscape.