Bitcoin hits new highs, option traders set their sights on the $120,000 target.

Bitcoin has once again refreshed its all-time high, and option traders have set their sights on higher price ranges. As Bitcoin first broke through the $113,000 mark, open interest on Deribit exchange was noticeably concentrated on call options with strike prices of $115,000 and $120,000. For longer-term options expiring in September and December, open interest has extended to strike prices of $140,000 and $150,000. This breakthrough, driven by institutional demand, once again confirms the bullish sentiment in the cryptocurrency market since the November US election, as traders believe that Trump's re-election will usher in a new era of relaxed regulation. "The options market is reflecting strong bullish sentiment," said Chris Newhouse, research director at DeFi trading institution Ergonia. "Just before the market broke through its all-time high, it experienced the largest scale of short liquidations since May 7, with approximately $447 million in positions being liquidated. This clearly indicates that the bearish positions were overly crowded and extremely vulnerable to short squeezes."