Bitcoin (BTC) has been stuck in a tight range between $95,000 and $100,000 this month, showing little momentum to break higher. However, despite the lack of immediate price action, traders remain confident in BTC’s potential upside, with options data signaling bullish bets on a six-figure rally.
$110K Calls Dominate Options Market
According to Deribit options flow tracked by Amberdata, the most popular trading strategy this month has been buying the $110,000 call options expiring on March 28. Traders have collectively spent over $6 million on these bullish bets, indicating strong expectations for BTC to breach $110K before the end of Q1.
A call option gives the buyer the right—but not the obligation—to purchase BTC at a specific price before expiration. Buying call options suggests traders are betting on a price increase, despite the current market lull.
“Looking at the month-to-date flows for on-screen traders… the buying of March $110K calls has been the most active trade,” said Greg Magadini, director of derivatives at Amberdata.
Institutional Interest vs. Market Headwinds
Bitcoin bulls have had some positive developments to support their outlook. MicroStrategy has continued accumulating BTC, while Abu Dhabi recently announced a $436 million investment in Bitcoin ETFs, reinforcing institutional interest in the asset.
However, macroeconomic challenges remain a concern. Last week’s hotter-than-expected U.S. inflation data dampened risk appetite, while liquidity drains from memecoin volatility have also weighed on sentiment.
Memecoins Add to Market Uncertainty
The altcoin market has seen extreme volatility, with tokens like LIBRA experiencing rapid boom-and-bust cycles. Over the weekend, LIBRA surged to a $4 billion market cap before crashing 90% within minutes. The token gained attention after Argentina’s President, Javier Milei, appeared to endorse it—only to retract his support later, triggering legal scrutiny.
These speculative surges and collapses in smaller tokens create a drag on overall market sentiment, preventing BTC from gaining strong upward momentum.
Sideways Market to Persist?
Despite the bullish positioning in options, Magadini remains cautious about BTC’s near-term outlook.
“Some bullish headlines hit for BTC last week, but that didn’t materialize into any real spike higher for spot prices,” he noted, adding that memecoin turmoil and an increasing supply of alternative tokens contribute to a “sideways, lower-volatility market.”
With traders betting on BTC surpassing $110K while macro and crypto-sector challenges persist, the coming weeks could determine whether Bitcoin finally breaks out—or remains stuck in limbo.
