Bitcoin Price Breaks Above $70,000 as Traders Bet on $80,000 Rally

Bitcoin has experienced a resurgence to above $70,000 after a US-Iran ceasefire eased oil pressures. This shift in market sentiment has been fueled by fresh signals pointing to a potential breakout.

According to data from Deribit, the platform responsible for the lion's share of the global crypto options market, investors are increasingly betting on a rally to $80,000. The call options betting on BTC climbing beyond the $80k strike price have reached $1.6 billion, indicating a significant shift from recent months when $60,000 puts dominated the outlook.

On-chain data also supports the bullish case, with Morgan Stanley's ETF debut netting over $34 million in volume. The demand for this asset class has been high, particularly from high-net-worth investors.