Bitcoin has reached a new high of $80,819.40, fulfilling the breakout anticipated by options desks. The cryptocurrency surpassed $81,000 in Asian trading hours on Tuesday, marking its highest level since late January, with a 5.3% weekly increase. Other major cryptocurrencies have shown mixed results, with Ether maintaining $2,379 and Solana dropping 0.9% to $84.84.
Dogecoin has given back 1.0% to $0.1117 but remains a standout with a 12.4% weekly increase. The move occurs despite rising Brent crude prices and ongoing U.S.-Iran tensions. Options markets indicate a flurry of activity, with bets on higher prices in the coming days, according to Nomura's Laser Digital. Traders have been quietly demanding cheap upside bets through call ratio strategies, which could benefit if Bitcoin continues to rise without a significant surge.
A risk reversal in implied volatility between calls and puts could signal a shift in options markets from cautious to constructive.