Bitcoin (BTC) has been largely inactive this month, hovering below the psychological $100,000 mark. However, this hasn’t stopped traders from betting on a breakout. The most popular options trade for February has been the purchase of BTC $110,000 call options expiring on March 28, with traders spending over $6 million in cumulative net premiums, according to Deribit data tracked by Amberdata.

Traders Remain Bullish Despite Lack of Momentum

A call option gives traders the right—but not the obligation—to buy BTC at a set price before the expiry date. Heavy call buying at $110K suggests a significant number of traders expect BTC to surge past this level in the coming weeks.

“Looking at the month-to-date flows for on-screen traders, the buying of March $110K calls has been the most active trade,” said Greg Magadini, director of derivatives at Amberdata.

Bitcoin has remained within the $95,000–$100,000 range for most of the month. While bullish narratives like continued BTC accumulation by MicroStrategy and Abu Dhabi’s $436 million investment in Bitcoin ETFs have surfaced, they haven’t sparked a major rally.

Macro Headwinds and Memecoin Chaos

BTC’s upside remains capped by macroeconomic uncertainties, including hotter-than-expected U.S. inflation data. Additionally, liquidity in the crypto market continues to be disrupted by the extreme volatility of memecoins and small-cap tokens.

Over the weekend, a token called LIBRA soared to a market cap of over $4 billion before crashing by 90% within minutes. The chaos was triggered by Argentina’s President, Javier Milei, who initially promoted the token on Friday but later retracted his endorsement. The controversy has now led to legal scrutiny in his home country.

Market Likely to Stay Range-Bound

Despite bullish headlines, BTC has failed to break out. “Some bullish headlines hit for BTC last week, but that didn’t materialize into any real spike higher for spot prices,” Magadini noted. He also pointed to the bearish impact of memecoin volatility and the increasing supply of altcoins as contributing factors to Bitcoin’s stagnant price action.

With traders continuing to bet on BTC’s upside through options, all eyes will be on whether Bitcoin can break out of its current range before March expiry. Until then, the market seems poised for a period of low volatility and sideways movement.