Option traders have turned bullish on Bitcoin (CRYPTO: $BTC) and are betting that the price of the largest cryptocurrency will top $82,000 U.S.
Market data shows that a growing number of Wall Street traders are piling into call-option contracts that have an $82,000 U.S. strike price on Bitcoin that expires Sept. 4.
The trade essentially bets that Bitcoin's price will rise above $82,000 U.S. on or before Sept. 4.
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One trader alone spent $2.9 million U.S. on the call-option contracts, which are bets that an asset's price will rise by a certain amount within a set timeframe.
The bullish option bets come as Bitcoin's price briefly rose above $80,000 U.S. for the first time since May of this year.
Bitcoin's price got as high as $80,995 U.S. before pulling back to $79,150 U.S. The price of BTC has now risen nearly 25% in the past week.
Some analysts warn that Bitcoin is encountering resistance at $80,000 U.S. and that it needs to achieve a sustained breakout above $80,000 U.S. for the current rally to continue
Bitcoin's new trading range appears to be between $74,000 U.S. and $80,000 U.S. after the cryptocurrency broke above previous resistance at $65,000 U.S.
A growing number of traders on Wall Street are betting that Bitcoin's price will continue to run higher in the short-term rather than fall back below $70,000 U.S.
Bitcoin last hit an all-time high of just over $126,000 U.S. in October 2025.