Bitcoin price saw a significant surge above $101,000 on May 8, marking a 4.6% daily gain and triggering liquidations of bearish futures positions. This surge has raised speculations among traders about Bitcoin’s potential to surpass its previous all-time high of $109,354. A notable development in the Bitcoin options market is the $8.3 billion open interest in put options for the next three months, with 97% of these options placed below $101,000 and expected to expire worthless. Despite this, some traders have profited from these options amid the recent price increase. One popular strategy on Deribit is the “bull put spread,” which involves selling a put option while buying another put at a lower strike price to manage profit and risk. Optimism prevails in the cryptocurrency market, evident in strategies like the “bull call spread” and the “bull diagonal spread” on Deribit’s options markets, anticipating higher Bitcoin prices. The $100,000 level for Bitcoin could lead to positive outcomes for bullish strategies in the upcoming options expiries, attracting further support for upward momentum. However, sellers may resist a new all-time high, especially with substantial demand for short positions in Bitcoin futures. Short covering above $105,000 could potentially pave the way for a new all-time high in the coming months. Strategies like the “carry trade,” involving spot Bitcoin positions and BTC futures, could benefit from price swings, especially if Bitcoin surpasses $105,000. This analysis suggests a potential for new BTC price highs in the near future.