Bitcoin Price: Bulls Target $110K as $13.8B Options Expiry Nears

Investors are keeping close track of the recent Bitcoin price movements, as the upcoming BTC options expiry has fueled speculations. Notably, nearly $14 billion in options are set to expire next week, which might trigger immense volatility in the market.

So, here we discuss the likely impact of the upcoming event and how bulls might help to offset the expected losses in Bitcoin price.

Bitcoin Price Holds Firm Ahead of Largest Options Expiry of 2025

Bitcoin price hovered near $108,000 on May 24 as markets braced for the largest monthly options expiry of the year. According to derivatives data from Laevitas.ch, over $13.8 billion worth of Bitcoin options are set to expire on May 30, with bulls attempting to pin the price above $110,000.

Current spot price action puts bulls in control. BTC has climbed 25% in the past 30 days, surprising bearish traders who had built short positions across futures and options markets. Open interest in Bitcoin futures currently stands at $79 billion, with a large chunk tied to sell-side exposure.

While bulls eye a Bitcoin price breakout above $110,000, the stakes remain high for both sides.

Options Market Shows Heavy Bullish Bias Above $107K

Open interest in Bitcoin call options above $107,000 continues to outweigh puts. Between $107,000 and $110,000, call positions total $3.7 billion compared to just $350 million in inputs. That imbalance favors bulls by over $3.3 billion if Bitcoin price holds near current levels.

A move above $110,000 would be even more decisive. In this range, open interest reaches $4.8 billion in calls, while put interest collapses to just $120 million. That gives bulls an edge of $4.7 billion, the most lucrative outcome for May’s expiry.

Still, traders remain cautious. Some call holders may have sold options for hedging, and others may unwind early to lock in profits. Deribit’s recent strategy breakdown shows many are deploying “bull call spreads” and “short calls”—tactics that limit upside in exchange for downside protection.

ETF Demand Supports Bulls While Bears Hope for Macro Weakness

Institutional demand continues to back the bullish narrative. Between May 20 and May 22, U.S.-based spot Bitcoin exchange-traded funds saw net inflows of $1.9 billion. This influx of capital shows investor confidence remains intact above $105,000.

Jeff Mei, chief operating officer at BTSE, said the rally stems from capital rotation. He noted that investors increasingly turn to Bitcoin ETFs, with \$3.6 billion in flows recorded in May. According to him, this demand lowers the likelihood of a sharp price correction before the monthly expiry.

Bears may offset losses by targeting futures markets. Analysts at Laevitas noted the risk of downward pressure through short-selling attempts. Yet that strategy has struggled lately, especially as prior short squeeze setups have failed to materialize in recent sessions.

After multiple squeeze signals between April and May triggered mass liquidations, Binance’s short squeeze indicator shows a more neutral stance. Currently, the setup lacks clear pressure on shorts, hinting at more stable conditions.

Bitcoin Price Support Zones Build Strength Below $100K

Analysts point to strong buyer interest below key levels even if Bitcoin price slips. Cas Abbé, a trader and market commentator on X, flagged $94,000 as the most important support zone. He noted nearly 420,000 BTC were acquired around this price, calling it a “zone to bid” if BTC price corrects.

From a macro perspective, on-chain metrics reflect a more mature bull cycle. Bitcoin recently reached a new all-time high, but its MVRV ratio—market cap divided by realized cap—remains below historic peaks from 2013, 2017, and 2021.

This divergence stems from a sharp rise in Bitcoin’s realized cap, meaning more coins are now held at higher cost bases. As a result, the market may be less frothy than in past cycles, and profit-taking appears more evenly absorbed by new capital.

The dynamic suggests that current valuations may reflect stronger hands and higher conviction rather than speculative excess.

Bulls Push for All-Time High as Monthly Close Approaches

BTC/USD continues to trade inside an ascending channel, as seen on the 4-hour chart. Bitcoin price is eyeing the $109,676 resistance zone while staying above $108,000. A clean break above $110,000 could trigger further upside toward the 1.618 Fibonacci extension at $115,000.

The Relative Strength Index on the 4-hour timeframe prints 62.17, showing moderate bullish momentum. MACD remains above the zero line, with no bearish divergence forming.

With less than a week to go, bulls are likely to defend current levels aggressively. A monthly close above $110,000 would invalidate most of the $6.5 billion in put options, giving bulls a clear upper hand.

The May 30 expiry may also define the short-term direction for Bitcoin, with ETF inflows, short positioning, and macro sentiment all playing critical roles. For now, momentum favors the upside, but traders remain alert for volatility.