As recently as June 11, Bitcoin topped $110,400. That leap followed the release of positive new U.S. inflation data, which indicated that prices were increasing at a much slower clip than anticipated. As of June 12, Bitcoin is hovering just under $107k. It reached a record high of $111,970 on May 22. Even in the wake of recent volatility, Bitcoin’s underlying structure is healthy, with many indicators pointing to more gains ahead. For the cryptocurrency’s near-term trajectory, analysts are looking at major support levels.

Bitcoin's Current Market Position

Bitcoin’s recent price movement on why it has rejected local supply. Currently, the crypto is attempting to hold demand in the $106,000-$107,000 area. This level is key from a market structure perspective. If the price manages to maintain itself above this level, it might pave the way for further upside. If it drops below this level, we could experience a drop as it fills a CME futures gap.

Overall, the high time frame (HTF) target for Bitcoin continues to land between $114k -$116k for the month. This target aligns with the concentration of call options at the $140,000 strike price, suggesting that many investors anticipate further price appreciation. A drop under $100,000 would break Bitcoin’s bullish structure and might indicate a deeper correction.

Bitcoin’s price has recently fallen by 1.7% over the past 24 hours. This decline mirrors the move down in all risk assets as investors flee to safety in light of global uncertainty. This correlation underscores Bitcoin’s volatility to macroeconomic trends and general investor sentiment.

Options Market Activity

Open interest in Bitcoin options has skyrocketed to $36.7 billion, the highest level witnessed throughout the entire month. This surge in options activity is indicative of increased investor interest and speculation around Bitcoin’s future price movements. At least 68k call options are concentrated at the $140,000 strike price. This extreme level of concentration indicates that options traders have an overwhelmingly bullish outlook.

The put-to-call ratio for Bitcoin options has normalized to 0.60. This orientation is more of a soft bullish bias compared to the last few sessions. This reallocation uncovers an overall neutral outlook from options traders. Many investors are currently positioning themselves defensively through active hedges as downside risk looms.

The options market activity paints a very clear and informative picture of investor sentiment and expectations for Bitcoin’s future price trajectory. The concentration of call options at higher strike prices suggests that many investors are betting on further upside, while the put-to-call ratio reflects a more nuanced view of potential risks and rewards.

Key Levels and Potential Scenarios

Bitcoin price $106,000–$107,000 was a key area of resistance. Thus, the range is a key level for BTC’s immediate short-term. If the price breaks decisively above this line, it might likely skyrocket to the $114,000 to $116,000 area as a target. On the contrary, if it can’t hold this amount, look for lower retracements to come.

A clean break below the $100,000 would be a major blow to Bitcoin’s bullish market structure. That is what could set off a larger, more broad-based market correction. During this third bearish scenario, investors would be wise to keep an eye on significant support levels for signs of buying opportunities.

The $114,000-$116,000 area is notable as a key short-term target for Bitcoin. This is in line with the maximum time value target for the month and exhibits a significant build-up of call options at the $140k strike price. Hitting this target will further Bitcoin’s bullish momentum. Perhaps even more importantly, it would set the stage for even greater victories still to come in the coming weeks.