Bitcoin bulls are eyeing $100,000, yet the futures market hints at another dip first

Bitcoin bulls are increasingly targeting higher price levels, with significant open interest in options contracts for $80,000, $85,000, and even $100,000. This shift in sentiment follows a period of defensive positioning, driven by easing geopolitical tensions, particularly between the US and Iran, which has stabilized risk sentiment and lowered oil prices. While Bitcoin has recovered above $70,000, the futures and options markets show a mixed picture. Some traders have rolled back downside protection, but longer-term maturities still indicate caution, and parts of the futures market remain defensive. On-chain data suggests that while stress is easing, demand hasn't fully reasserted itself for a clean reversal. Institutional demand is showing signs of improvement with significant inflows into US spot Bitcoin ETFs, including a new offering from Morgan Stanley. However, futures positioning on exchanges like Binance shows increasing bearish bets, suggesting a divided market that is not yet unified behind a breakout, with a significant portion of bettors still expecting a dip to around $65,000.

(Source：CryptoSlate)