Bitcoin Price Set to Breach $30k as BTC Options Spike

We have seen Bitcoin's price rise to historic heights over the past few weeks and now we are witnessing a major spike in Bitcoin options contracts. This could be another sign that the benchmark cryptocurrency is set to reach new all-time highs.

According to data from analytics platform Skew, the open interest (OI) of Bitcoin options has run up from $500 million on December 22nd to close to $1 billion on December 29th. That marks an increase of about 100% in under a week and this could be a strong indication that traders are expecting Bitcoin’s price to surge even higher.

In fact, just today trade tensions between the U.S. and China cooled off after President Trump signed off a stimulus bill and traders showed up in droves as Bitcoin’s price rose from around $29,000 all the way up north of $29,500.

The CBOE bitcoin futures market also saw some activity with its OI rising by 3% since yesterday, according to data from Skew Markets. Now that the Christmas holidays are over and institutions are beginning operations again while Biden’s incoming administration continues its transition process, there will surely be more catalysts at play driving Bitcoin’s price significantly higher.

All-in-all, it looks like we can expect Bitcoin’s price set new records if traders continue with their optimistic outlook regarding the leading cryptocurrency.