Bitcoin: The crypto world is always volatile, but when a major digital currency like bitcoin crosses the $115,000 mark, it is extremely exciting news for investors and crypto enthusiasts. Bitcoin price rose by 1.5% in the last few days and started trading above $115,000. At a time when market sentiment matters a lot, experts say that bitcoin is now “moving on strong footing” and could touch higher levels in the future.
What is behind bitcoin’s strength
Although bitcoin price is rising, some weak spot demand and soft ETF inflows have limited this recovery. In this situation, the focus has now shifted to the derivatives market, because when spot flows weaken, derivatives often determine the direction of the price.
Experts believe that the volume delta bias during the recovery from $108,000 showed that sellers’ exhaustion came to the fore on exchanges such as Binance and Bybit. This means that futures traders absorbed the recent selling pressure and this strengthened Bitcoin.
Options market and growing investor interest
Options open interest (OI) reached $54.6 billion, which is 26% higher than the $43 billion on September 1. This reflects growing investor interest and often has a positive impact on Bitcoin’s price. When this record level was touched in mid-August, Bitcoin touched a new all-time high of over $124,500.
According to Glassnode, options open interest has an increased tilt towards calls, which indicates that the market is bullish, but investors are also managing risk. The futures and options situation suggests that the market is now more balanced than before and it is moving forward on a stronger basis.
Key price levels for Bitcoin
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin is currently trading at $115,400 and is facing resistance at the $116,000 level. Experts say that it is necessary to maintain stability above $115,000 to strengthen the recovery.
In addition, there is a crucial supply zone between $116,000 and $121,000, which Bitcoin will need to cross to move towards the next all-time high. On the other hand, bears will try to defend this level and pull the price down.
The 50-day simple moving average (SMA) is at $114,500 and the 100-day SMA is located at $112,200, which are important support levels for investors. The area from the local minimum of $107,200 to the mental level of $110,000 is also worth watching.
Possible future direction
Some experts say that Bitcoin is now approaching the August open level of $115,700. This is an important pivot point, which can determine the direction of the further trend. If the $116,400 to $117,000 level breaks, it could force short sellers to close positions, causing the price to rise sharply to $120,000.
This indicates that Bitcoin is not only trying to maintain its recovery but also moving towards new high targets in the future. Investors and crypto enthusiasts should be cautious in their decisions at this time, but also understand that both opportunities and risks always coexist in this market.
Bitcoin’s recent rally shows that the digital currency market is gradually moving on a strong footing. Activities in the derivatives and options markets are supporting this growth. Sustaining above the $115,000 level, breaking through the $116,000 to $121,000 supply zone, and heading towards $120,000 is likely. It is time for investors to remain cautious but bullish.
Disclaimer: This article is written for informational and educational purposes only. The information provided here is not investment or trading advice. Investing in cryptocurrencies can be risky, so seek independent research and financial advice before investing.
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