Based on recent options data from Binance, bitcoin open interest is concentrated at a strike price of $75,000 for the end-of-June expiry, an analyst said.

According to Ruslan Lienkha, the chief of markets at Cyprus-based exchange YouHodler, the open interest concentration focuses on bitcoin's all-time high. Bitcoin BTC +5.95% reached its all-time high of over $73,000 in the middle of March, according to The Block's Price Page.

"There is significant call open interest domination, and many option traders expect the bitcoin price to surpass its all-time high by the end of June," Lienkha told The Block.

The observation concurs with data from the Deribit derivatives exchange, which also shows a concentration of calls at a strike price of $75,000 for the end-of-June expiry.

There is a concentration of calls at a strike price of $75,000 for the end-of-June expiry. Image: Deribit.

Bitcoin price could trade flat in the short term

However, the bitcoin price will likely continue consolidating around current levels in the next few weeks, Lienkha said.

Options are derivative contracts that give a trader the right but not the obligation to buy or sell the underlying asset at a predetermined price on or before a specific date. A call option gives the right to buy, and a put offers the right to sell. It is assumed that a trader who buys a call option is implicitly bearish on the market, while a put buyer is implicitly bearish. 

Bitcoin is holding above the $61,000 mark, having posted a slight decline of over 1% in the past 24 hours to trade at $61,115 at 11:25 a.m. ET, according to The Block’s Price Page. 

The GM 30 Index, representing a selection of the top 30 cryptocurrencies, decreased 0.77% to 128.52 in the same period.