Bitcoin hit a multi-month high price of $11,467 on Friday, July 31 after busting out of a long-held consolidation phase. 

The options market for Bitcoin also reveals bullish sentiment as call options — the right to buy at a predetermined price — outweigh put options or the right to sell at a predetermined price. 

The put-call ratio has risen to a two-month high of 0.63, data from Skew shows, suggesting that investors are selling put options and buying call options. This rising ratio suggests that Bitcoin may be able to sustain its price level above $10,000. At the time of writing Bitcoin is trading at $11,318, according to Bitpush data.

By Emily Mason