Bitcoin News: BTC Tops Amazon By Market Cap, $120K In Sight?

Bitcoin surpassed Amazon once again to become the 5th largest asset in the world, as BTC price hits a new all-time high of $118,869 on Friday.

Traders and analysts anticipate further bullish momentum to shoot Bitcoin price to at least $135K this year.

Notably, options traders set $120K as the price target for July amid institutional buying. The technical strength in BTC chart supports upside momentum.

Bitcoin Is Fifth Largest Asset By Market Cap

As per latest Bitcoin news, its market cap reached $2.36 trillion on Friday, flipping e-commerce giant Amazon’s market cap of $2.359 trillion. It became the 5th largest assets in the world by market cap.

Bitcoin price needs to rally to $160K to surpass Apple’s market cap. Meanwhile, Gold’s market cap was $22.56 trillion and crypto experts claim Bitcoin will surpass Gold one day as adoption grows.

Bitcoin News: Options Traders Eye $120K

As Bitcoin continued to make new ATH, open interest on the largest crypto derivatives exchange Deribit became concentrated around Bitcoin call options with $115,000 and $120,000 strike prices, according to a Bloomberg report.

Notably, BTC monthly options expiry in September and December have recorded an elevated open interest at $140,000 and $150,000. The rally triggered a major unwinding of over $1.1 billion in short positions, as per Coinglass.

37,000 BTC options with a notional value of $4.35 billion expired on Deribit on July 11. The max pain price was at $108,000, significantly lower than the market price of Bitcoin.

At the time of writing, the put-call ratio was 1.07, indicating bearish sentiment among traders. However, the call volume has doubled the put volume in the last 24 hours, with a put-call ratio of 0.53.

Options trading platform GreeksLive revealed that Bitcoin hitting a new all-time high improved market sentiment. The last two weeks saw large block call trades, mainly adjusting positions after quarterly delivery in September.

Analysts Predict $135K Before Bull Market Peak in October

In recent Bitcoin news, many notable analysts such as Peter Brandt and Markus Thielen gave a BTC price target of $135K after a bull flag pattern breakout in the daily BTC chart. The bullish pattern confirmed a potential for a parabolic rally in Bitcoin price.

Meanwhile, Analyst Rekt Capital and Willy Woo have predicted Bitcoin bull market peak for September-October, as per historical cycle analysis. Previous cycles showed BTC peaked 518-550 days after halving events.

The current cycle suggests 2-3 months remaining before potential top formation. This FOMO became one of the factors for the latest sudden BTC rally.

BTC News: Price Jumps 4% Amid Bullish Momentum

BTC price surged more than 6% in the past 24 hours, with the price trading at $118,001 at the time of writing. The 24-hour low and high were $110,660 and $118,856, respectively.

Furthermore, the trading volume has increased massively by 104% in the last 24 hours. Analysts are upbeat on further upside but with high expectations of some profit booking.

CoinGlass data indicates massive buying activity in the derivatives market. At the time of writing, the total BTC futures open interest jumped by 6% to $84.76 billion in the last 24 hours.

BTC futures OI on CME and Binance climbed more than 7% and 6%, respectively. This signals bullish sentiment among derivatives traders, with futures hitting a new ATH.