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Bitcoin trades above $115,000, marking a two-week high
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Investor interest in derivatives drives the surge despite weak spot demand
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U.S. inflation data and Fed policy expectations contribute to crypto optimism
Bitcoin climbed past $115,000 on Friday, reaching a 17-day high after renewed buying activity and increased interest in derivatives markets.
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Technical and on-chain indicators reported by Glassnode suggest that Bitcoin is “advancing on firmer footing” toward higher levels.
The cryptocurrency’s price movement comes amid weak spot demand and declining ETF inflows, but options open interest surged 26% to a record $54.6 billion, indicating strong derivative market activity. Institutional inflows into spot ETFs have also provided a liquidity floor, helping absorb sales.
Market analysts highlight macroeconomic factors, including the U.S. August inflation data showing a 2.9% year-over-year increase, as encouraging risk assets like cryptocurrencies. Historically, Bitcoin has experienced rapid gains after consolidating just below key resistance levels, such as $30,000 in 2023 and $69,000 in 2024.
Despite the bullish trend, some indicators remain bearish.
The CryptoQuant Bull Score shows eight out of ten signals in the red, while metrics like market cycle, profit/loss index, and stablecoin liquidity also reflect caution.
Analysts warn that a rejection near $115,000 could trigger profit-taking and a short-term pullback.
Experts, including Mike Novogratz of Galaxy Digital, suggest that Bitcoin’s consolidation may continue as investors focus on altcoins and await potential Federal Reserve policy easing.
Developments such as SEC discussions on tokenised securities also contribute to optimism for further market growth.
