Bitcoin (BTC) is currently nearing its all-time high, trading just above $107,000, with analysts predicting a potential increase in the coming days.
Futures open interest across major exchanges reached a record $75 billion this past Tuesday, indicating a surge in speculative trading and leveraged positioning. This uptick comes as Bitcoin maintains its position above $100,000 for over 11 consecutive days, suggesting strong accumulation and market stability.
“The current price action appears to be in a consolidation phase,” commented Ruslan Lienkha, chief of markets at YouHodler. This phase is characterized by continued accumulation, which could set the groundwork for a new price surge that may establish a new all-time high.
As of Tuesday morning, Bitcoin’s price increased by approximately 1.5% over the preceding 24 hours, with Ether (ETH) and Solana’s SOL both showing gains of 2%. Additionally, dogecoin (DOGE), Cardano’s ADA, and XRP all rose by 3%.
Support for this optimistic outlook is also reflected in derivatives data, with the call-to-put open interest ratio hitting 1.55 over the weekend. The premiums for out-of-the-money calls have seen an increase, which indicates that traders are anticipating a breakout, according to HTX Research’s Chloe Zheng.
Surprisingly, despite the increasing speculative activity, short-term implied volatility (IV) dropped to an 18-month low of 35–40%, indicating a calm market environment. HTX Research emphasized that the combination of strong market sentiment and reduced volatility could lead to a significant build-up of leveraged positions. Given the current conditions, Bitcoin might test new highs within the next 30 to 45 days.
However, the market faces resistance at the $107,000 threshold. FxPro analyst Alex Kuptsikevich noted that current market movements are propelled by a “crowd of retail investors” and traders chasing momentum, remaining resilient in the face of macroeconomic uncertainties and recent security challenges encountered by exchanges. The market dynamics, according to Kuptsikevich, will largely depend on shifts in global risk appetite. Should the $107K resistance be breached, there’s a heightened possibility of restoring the upward trend, with upward targets toward $115K in sight.
In light of the positive developments in Bitcoin’s trading environment, there remains a sense of optimism in the cryptocurrency market, suggesting that traders and investors may experience exciting advancements in the near future.