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Door Remote - 22 Sep 2026
In other words, the trader appears to be positioning for bitcoin to rise from roughly $85,000 to $95,000 over the next four weeks. That view broadly aligns with bitcoin’s daily chart, which shows little obvious resistance between $85,000 and $98,000.
There are no price levels in that zone where bitcoin previously stalled or consolidated, so, all else being equal, the current momentum could push it toward $98,000 in the near-term (check Today’s Signal).
The butterfly was not the only sign of growing bullish positioning. Traders also increased their demand for upside exposure through call options, pushing short-term risk reversals higher.
“Risk reversals have also been volatile, with front-end RRs flipping aggressively in favour of calls during the move up to $85K, before retracing somewhat this morning,” Laser Digital said in a note shared with CoinDesk.
The options market is also showing a broader preference for volatility across major tokens. On Monday, Coinbase Markets said options were pricing one-standard-deviation swings of 8.9% for XRP, 8.0% for SOL, 6.9% for ether and 5.0% for bitcoin through Sept. 27.
The figures measure expected price swings rather than directional bets, with risk of volatility highest in XRP. Stay alert!
Read more: For analysis of today's activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk's "Crypto Week Ahead."
There are no price levels in that zone where bitcoin previously stalled or consolidated, so, all else being equal, the current momentum could push it toward $98,000 in the near-term (check Today’s Signal).
The butterfly was not the only sign of growing bullish positioning. Traders also increased their demand for upside exposure through call options, pushing short-term risk reversals higher.
“Risk reversals have also been volatile, with front-end RRs flipping aggressively in favour of calls during the move up to $85K, before retracing somewhat this morning,” Laser Digital said in a note shared with CoinDesk.
The options market is also showing a broader preference for volatility across major tokens. On Monday, Coinbase Markets said options were pricing one-standard-deviation swings of 8.9% for XRP, 8.0% for SOL, 6.9% for ether and 5.0% for bitcoin through Sept. 27.
The figures measure expected price swings rather than directional bets, with risk of volatility highest in XRP. Stay alert!
Read more: For analysis of today's activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk's "Crypto Week Ahead."