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Bitcoin climbed above $81,000 on Tuesday, reclaiming a key level after a brief reversal tied to disputed reports of an Iran-related strike near the Strait of Hormuz. BTC reached an intraday high of about $81,204 before trading near $80,779, up roughly 1.3% on the day. Ether was slightly higher near $2,375, while Solana and Dogecoin were broadly steady.
Options Desks Position for a Move Above $80,000
The move came as Bitcoin options markets showed stronger upside demand, with desks building positions that would benefit from further gains. Traders are watching whether a sustained move above $80,000 can shift risk-reversal indicators into more positive territory. Those indicators track whether traders are paying more for upside exposure or downside protection.
The positioning points to stronger demand for upside exposure. Still, demand for downside protection remains visible, showing that traders are not fully risk-on. After breaking above $80,000 for the first time since January, Bitcoin extended its gains past $81,000. The level had capped rallies through late April and early May, making the latest move an important test.
Ether, Solana and Dogecoin Lag Bitcoin’s Rally
The broader crypto market did not match Bitcoin’s pace. Ether held near $2,380, Solana traded around $84 to $85, and Dogecoin hovered near $0.111. The smaller moves pointed to a Bitcoin-led session. Options demand appeared to be the main distinction between BTC and the flatter altcoin market.
The rally also followed a volatile start to the week. Bitcoin briefly fell below $79,000 on Monday after Iranian media claimed a U.S. warship had been hit near the Strait of Hormuz. U.S. officials denied the claim. The episode showed how quickly geopolitical headlines can pressure crypto markets, even when the core report remains disputed.
Traders Watch Whether Bitcoin Can Hold $80,000
The immediate test is whether Bitcoin can hold above $80,000 after reclaiming the level. A sustained move would strengthen the view that the latest breakout has follow-through.
For now, Bitcoin has regained a key psychological level, options desks are positioned for more upside, and major altcoins remain steady. The next signal is whether buyers can keep BTC above $80,000 after Monday’s headline-driven pullback.
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Fhumulani Lukoto
Cryptocurrency Journalist
Fhumulani Lukoto holds a Bachelors Degree in Journalism enabling her to become the writer she is today. Her passion for cryptocurrency and bitcoin started in 2021 when she began producing content in the space. A naturally inquisitive person, she dove head first into all things crypto to gain the huge wealth of knowledge she has today. Based out of Gauteng, South Africa, Fhumulani is a core member of the content team at Coin Insider.