Recent activity in the Bitcoin options market points towards a bullish outlook, according to on-chain data analysis by Murphy. BlockBeats reports that the ‘Options Premium Execution Price Heatmap’ reveals a surge of call options within a specific strike price range: $123,708 to $129,685. This translates to an estimated premium of $43.32 million and suggests traders are betting on Bitcoin reaching this level. Interestingly, there’s been no net buying below the current spot price, indicating a strong belief in potential upside movement. Meanwhile, demand for put options remains low, suggesting limited interest in downside protection. The opposite trend is observed in the put option market, with a larger volume in the $97,709 to $102,430 range and a cumulative premium of approximately $13.14 million. This suggests that sellers are expecting minimal price declines and are opting to sell volatility instead. This discrepancy highlights the bullish sentiment in the market, with traders anticipating Bitcoin’s resurgence towards $124,000 while option sellers believe significant price drops are unlikely below $102,000. #BTC