Bitcoin Breaks $90K Resistance, Surges Past $93K as Traders Eye Six-Figure Bets
Bitcoin (BTC) shattered the $90,000 resistance level on Wednesday, climbing to a fresh record above $93,000. This milestone comes even as the dollar index continues to strengthen, with institutional traders ramping up bets on bitcoin’s trajectory toward six-figure territory.
Data from CF Benchmarks reveals a surge in demand for $100,000 call options on the Chicago Mercantile Exchange (CME), a preferred venue for institutional players. Call options give holders the right—but not the obligation—to buy the underlying asset at a specified price before the option’s expiration. The increased interest signals strong bullish sentiment in the market.
“CF Benchmarks’ 30-day constant maturity 25 delta skew has surpassed the 5 vol mark, nearing a year-to-date high,” said Thomas Erdösi, head of product at CF Benchmarks. “This indicates heightened demand for upside exposure as traders bet on further price increases.”
The 25 delta skew, which compares the pricing of call options to put options, provides a window into market sentiment. The current positive reading underscores higher demand for calls, suggesting traders are optimistic about bitcoin’s upward momentum.
Further supporting this view, strikes above $100,000 have seen a notable increase in demand, evidenced by rising implied volatility for these options. CME’s derivatives are tied to the CF Benchmarks Bitcoin Reference Rate – New York (BRRNY) variant, ensuring precise tracking of bitcoin’s market performance.
This bullish momentum aligns with trends on offshore platforms like Deribit, where interest in $100,000 call options has been building steadily since September.
Bitcoin’s rally defies macroeconomic headwinds, including a strengthening dollar. The cryptocurrency has surged over 36% since the pro-crypto victory of Donald Trump in the U.S. presidential election on Nov. 5, bolstering investor confidence in a favorable regulatory environment.
