$300,000 Bitcoin Call and $85,000 Fade 85,000 Wall – Is the market ready for something explosive?

Are traders piling up on a $300,000 Bitcoin call while hedging with a $85k fade? Is this a signal that the market is preparing for something explosive?

Bitcoin Price will regain $107,000 as political unrest disappears

Bitcoin (BTC) has quietly stabilized after a volatile week in which political headlines temporarily disrupt market sentiment. The public dispute between President Donald Trump and Elon Musk has pushed the BTC to the $100,000 mark, sparking concerns about short-term trust.

However, the decline has proven to be temporary. Bitcoin began to recover over the weekend, and as of June 9th, it had traded at around $107,800, up about 2% over the past 24 hours.

BTC Price Chart | Source: crypto.news

Institutional activities appear to be strengthening rebounds. The growing list of companies has renewed interest in Bitcoin as a long-term financial asset, attracting new attention to its role beyond trading.

MicroStrategy has re-entered the spotlight with new capital raises. The company is issuing $1 billion in permanent preferred stock and plans to allocate a portion of its revenue to additional Bitcoin purchases.

Metaplanet, which has gradually built BTC reserves over the past year, introduced more ambitious targets on June 6th. Currently, the company is aiming to accumulate 210,000 BTC by the end of 2027, expanding its original target to 10 times the 21,000 BTC.

These developments come amidst the continued uncertainty in a macroeconomic environment.

US inflation data begins this week with the consumer price index on Wednesday, followed by the producer price index on Thursday. Traders are seeing both releases of signals that could affect the next policy move in the Federal Reserve.

The CME FedWatch tool currently shows a 99% or more chance that the Fed will maintain interest rates of 4.25% to 4.50% at its June 17 meeting.

Against this background, let’s clarify what current BTC options data reveals momentum and whether traders are preparing their braces for more upside or pullbacks.

BTC options data shows strong bullishness towards the June expiration date

The June 27th Bitcoin option expiration date on DeRibit reflects one of the most closely concentrated setups in recent months.

Total open interest belongs to 123,528 contracts consisting of 77,077 calls and 46,451 puts, with a put/call ratio of 0.60. This ratio suggests a continuous bullish lean in positioning.

The maximum pain level at which the most aggregated losses are achieved on both calls and puts is located at $100,000.

Beyond that level, bullish positions are even more noticeable. The $120,000 strike marks a massive surge in open interest, indicating that many traders are paying attention to it as a short-term upward target.

One of the most notable data points is the $300,000 call open interest spike. The $200,000 and $220,000 strikes show some activity, but the $300,000 aggressive positioning stands out.

This type of exposure could potentially be linked to hedging or asymmetrical reverse protection of tail risk, by an agency or large spot holder.

On the downside, the $85,000 strike holds the most concentrated open profit. There’s some degree of protection built between $60,000 and $90,000, but the volume is well below $85,000.

With the expiration date approaching, many options buyers on both sides could face damping-related losses if Bitcoin is traded within the $95,000 to $105,000 range.

July 25th Expiry offers a more evenly distributed structure. Total open interest is low on 40,267 contracts, with 25,109 calls and 15,158 puts. The Put/Call ratio remains at 0.60, with a more measured approach, but shows a similar bullish trend.

Call Open Interest is categorized into key levels of $120,000, $130,000, $140,000 and $150,000 with a relatively uniform distribution. Unlike its June expiration date, there are no announcement bets that go far beyond current spot prices.

The maximum pain in July was $104,000, slightly higher than the $100,000 in June, suggesting a gradually rising shift in pricing expectations.

Many of the July call exposures meant over $110,000. Unless BTC holds above that level, the bulk of the bullish open interest may remain inactive.

On the putt side, July reflects much of the structure seen in June. The $85,000 strike continued to serve as a key shortcoming hedge, adding to the now $100,000 increase in activity.

Below $70,000, Put interest remains minimal, indicating that the sharp drawback movement is not actively priced.

Overall, both June and July expiration dates suggest a market that is leaning upward, although differently expressed.

June showed more aggressive exposure in the high end, especially at $120,000 and $300,000, while July reflects a more technical and layered positioning framework.

In both cases, bearish hedges remain limited, with $85,000 serving as a key zone for minus-side defense. The lack of deep hedges below $70,000 suggests a market view with a low probability of surrender.

BTC breakouts gain supported traction from the option flow

Bitcoin recovered the $107,000 level and urged analysts to assess whether recent moves mark the beginning of a broader breakout. Returns above this zone are read as short-term structural changes after several days of tight, bearish price action.

Analyst Ali_Charts pointed to breakouts above $106,600 and identified an immediate upside target at $108,300 and $110,000.

According to his charts, BTC is currently located between the breakout level and the next key resistance area. This sustained movement through this band can lead to higher prices without the need for fresh catalysts.

Michael Van de Poppe also highlighted the importance of $106,500 in support. His latest analysis shows that holding on top of this field could increase interest in exits from short-term traders and pressure short sellers.

The move to $108,900 could cause price acceleration faster due to reactive trading behavior, he said.

These outlooks are supported by recent options data. The open profit to the June 27th expiration date remains largely concentrated on the $120,000 call strike, reflecting a clear, intense bias.

If Bitcoin begins closing at over $110,000, these positions will begin to gain delta exposure. Traders can hedge spots or permanent contracts accordingly and contribute mechanically upward price momentum.

On the downside, the bearish position appears to be limited. The $85,000 strike holds the most meaningful put volume and acts as a key hedge.

Whether BTC can surpass these levels through this week’s macro data release will determine whether this setup will evolve into a trend or reset to integration. As always, do your own research, trade wisely, and don’t invest more than you can afford to lose.