Bitcoin traders bet on a rally above $80,000

Many traders expect bitcoin to recover toward the $80K level between June and September, Derive said. What to know : Options pricing now implies roughly a 35 percent chance that bitcoin will trade above $80,000 by the end of June, signaling a sharp shift toward bullish sentiment. Measures of options skew have rebounded from deeply negative levels in February to around plus 10 percent, indicating traders are dialing back crash hedges and expecting more stable or rising prices. A surge in put writing across venues suggests traders are increasingly willing to take on downside risk for premium as bitcoin trades near $70,000, up about 5 percent for the month.