Bitcoin BTC traders are increasingly chasing higher-level call options on Deribit, signaling that they are preparing for renewed bullish price volatility.

"Vols remain pinned near historical lows, but a decisive breach of the $110k resistance could spark a renewed volatility bid. Some larger players appear to be positioning for just that," Singapore-based QCP Capital said in a market update.

"They are continuing to add exposure to September $130k calls, while steadfastly holding September $115/$140k call spreads, underscoring a structurally bullish Q3 outlook," QCP added.

A call option gives the purchaser the right, but not the obligation, to buy the underlying asset at a predetermined price on or before a specific date. A call buyer is implicitly bullish on the market. In other words, buyers of the $130,000 strike call expect BTC's spot price to rise above that level.

BTC's price has been stuck between $100,000 and $110,000 for over 50 days as selling by wallets with a history of holding coins for the long term counteracts ETF inflows.

Volatility may pick up soon as the June Fed minutes are due for release on Wednesday. Further, the 90-day tariff pause for many U.S. trading partners has reportedly been extended to Aug. 1.

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