Options gamma pin at $123k holds Bitcoin in a tight range after new ATH

Deribit traders are betting big on more upside, not protection.

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

Bitcoin has shattered the $121,000 ceiling, setting a new all-time high and stirring significant activity in the options market on Deribit. The market presently leans favorably towards upside potential, with crucial inflection points arising from Greek profiles and trader positioning. A striking disparity in open interest between call and put options sets the stage for future movements. As the market sits on the edge of a knife, a specific dollar range holds the key to the next big breakout, what breakthrough level could trigger an exhilarating upward surge past $125,000? Dive into Alpha for the full scope!