Bitcoin Price Rebounds Above $70,000 Amid Hopes for Supply Squeeze

Bitcoin's price has been on the rise after a temporary ceasefire between the US and Iran led to lower oil prices. This has sparked hopes for a supply squeeze and a potential rally towards $80,000.

According to data from Deribit, the $80,000 call - a derivatives bet that prices will rise beyond that level - has emerged as the most popular trade, overtaking the $60,000 put. The open interest at the $80,000 strike stands at over $1.6 billion, with each contract representing one bitcoin.

Analysts are predicting that if geopolitical tensions ease and regulatory clarity improves, a move towards $100,000 by June cannot be ruled out. However, risks remain, including the fragile nature of the ceasefire and potential renewed escalation in oil prices.