Market Outlook: Traders Place High Stakes on $110,000 Bitcoin Price by June Amid Growing Crypto Uncertainty

By Francisco Rodrigues (All times ET unless stated otherwise) Within the cryptocurrency sphere, Bitcoin's status as a safe-haven asset is largely undisputed. Despite a broad decline in cryptocurrency prices over the past 24 hours, wagers on Bitcoin's continued dominance are on the rise. This market downturn is attributed to profit-taking and conflicting signals from the Trump administration regarding its trade dispute with China. The recent rally, which began after President Donald Trump indicated he would not remove Federal Reserve Chair Jerome Powell and suggested a more lenient approach to trade with China, has cooled. This led to a surge in Bitcoin's price, which approached $95,000 before dropping back to $92,200. The subsequent pullback followed comments from Treasury Secretary Scott Bessent, who stated that there is no unilateral plan to lift U.S. tariffs on Chinese goods, contradicting Trump's suggestion that tariff rates could decrease in the coming weeks. Investors struggled to decipher the policy direction as Trump also hinted at a "fair deal" with the world's second-largest economy. The uncertainty has led to a shift in favor of Bitcoin within the crypto space. The broader CoinDesk 20 (CD20) index has lost 3.75% of its value over the past 24 hours, compared to Bitcoin's 2% decline. The preference of institutional traders for Bitcoin is evident in a Binance futures contract tracking the cryptocurrency's dominance. It is trading at a 76% premium for the one-year forward, indicating that traders expect Bitcoin to maintain its edge over altcoins in the coming months, according to an emailed statement from Jake O., an OTC trader at Wintermute. Options trading further illustrates this positioning. Significant bets have been placed on Bitcoin reaching $110,000 by June, according to Jake O., with traders simultaneously selling calls at $140,000 and $170,000 for September and December — a calendar spread that signals short-term optimism and long-term caution. Similar activity has emerged in May $110,000 calls, where growing gamma exposure points to increasing sensitivity in the market to price fluctuations. However, long-term crypto holders remain unfazed, as data shows they continue to accumulate. For now, the markets remain reactive to the signals coming out of Washington, which, given their softer stance, has also led to a drop in gold prices to $3,350 per ounce from over $3,500. Remain alert! Key Events to Watch Upcoming Conferences: CoinDesk's Consensus is taking place in Toronto on May 14-16. Use code DAYBOOK to save 15% on passes. Token Talk By Shaurya Malwa https://t.co/uw3FvnqHUK Derivatives Positioning Market Movements: Bitcoin Statistics: Technical Analysis Crypto Equities ETF Flows Spot BTC ETFs: Spot ETH ETFs Source: Farside Investors Overnight Flows Chart of the Day While You Were Sleeping In the Ether