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Bitcoin faces resistance as derivatives position around $70,000 calls

Open interest on Deribit shows about $1.1 billion of $70,000 call exposure versus roughly $1 billion of $60,000 put exposure, keeping downside hedges in place while upside bets are added.

Reported · Written up by our desk · Market Structure

Bitcoin derivatives activity points to a tug-of-war between upside and downside positioning as the market looks toward $70,000. CryptoSlate reports that BTC was trading around $63,270 as of press time, extending a roughly three-week stretch in which it has stayed mostly trapped between $63,000 and $65,000.

The article links the restrained price response to July US inflation data. The Consumer Price Index rose 0.1% in July and 3.4% year over year, while core inflation increased 0.2% for the month and 2.5% annually, which the outlet says matched expectations and left interest-rate expectations only modestly changed.

CryptoSlate also notes that options positioning on Deribit shows large concentrations near both ends of the recent range. Coinbase-owned Deribit data cited by the outlet shows about $1.1 billion of call open interest at the $70,000 strike, compared with roughly $1 billion of put open interest at the $60,000 strike.

While open interest does not indicate whether contracts were bought or sold, CryptoSlate says recent flows show traders adding upside exposure even as protection remains. The article adds that options activity on Deribit since Tuesday has been centered on the Sept. 25 $70,000 call, though it does not complete the specific figure in the provided text.

Latest closeBitcoin $63,386.55 ▼0.0%

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