Recent large buys of bitcoin call options with a strike price above $74,000 for June expires lead analysts to speculate that many investors are betting that prices will rise above $74,000 by the end of the month.

"Our desk saw strong bullish follow-through with significant bitcoin option call buying for June expiries, indicating positioning in the options market for a decisive break above $74,000 all-time-highs this month," QCP Capital analysts said.

Bitcoin options concentrate at $75,000 calls

According to data from the Deribit derivatives exchange, the largest cluster of bitcoin options open interest for June's end-of-month expiry are calls at a strike price of $75,000.

Additionally, on Wednesday, the highest trading volume on Deribit was seen in calls with a strike price of $80,000 …