Deribit Exchange Sees $3B in Bitcoin Call Options as BTC Tests Critical Fibonacci Level

Bitcoin is making another attempt to break through the key 1.618% Fibonacci extension level at $122,056, a technical marker rooted in the golden ratio that significantly impacts trader psychology. The cryptocurrency briefly reached $122,171 during Asian trading hours, marking its second test of this resistance zone after failing to hold a breakout last month.

Deribit's options market shows strong institutional activity, with $3 billion in open interest focused on the $140,000 call strike. Traders appear positioned for a potential surge if Bitcoin can maintain its position above this golden ratio level. However, repeated failures to break through could lead to a pullback toward the $112,000 support level.

Market attention now shifts to upcoming U.S. inflation data, which could serve as the fundamental catalyst to resolve this technical stalemate. The inflation figures may either confirm Bitcoin's current valuation or reveal weaknesses in the recent rally.