Bitcoin Pushes Above $115K as Derivatives Drive Market

Bitcoin climbed above $115,000 on Friday, extending gains from the previous day and reaching its highest level in over two weeks.

According to blockchain analytics firm Glassnode, the pioneer cryptocurrency is “advancing on firmer footing” despite weak spot demand and slowing ETF inflows.

With spot flows softening, analysts say attention has shifted to the derivatives market. Options open interest jumped 26% in September, rising from $43 billion to a record $54.6 billion.

This growth in options mirrors past rallies. When Bitcoin previously broke through $30,000 in 2023 and $69,000 in 2024, long consolidation periods gave way to sharp surges. Traders are now watching if history repeats itself above $115,000.

Still, resistance remains strong. A rejection at this level could trigger profit-taking and send prices back below $112,000. Bears are expected to defend the mark, especially with the 50-day simple moving average sitting near $114,500.

Macro Tailwinds for Bitcoin

Net inflows into Bitcoin spot ETFs have been positive since early September, providing liquidity support. Institutional demand continues to play a stabilising role.

Macroeconomic factors also favor risk assets. The latest U.S. consumer price index showed inflation up 2.9% year-on-year in August. Combined with rising unemployment claims—the highest since October 2021—markets are betting the Federal Reserve will pause further tightening.

Galaxy Digital CEO Mike Novogratz told CNBC that “a Bitcoin surge could return as the Fed begins its cutting cycle.” He noted that treasury managers are also exploring altcoins, contributing to sideways trading.

The crypto space is also buzzing with regulatory developments. SEC Chair Paul Atkins is reportedly reviewing securities rules to support on-chain markets. Meanwhile, Nasdaq recently filed to allow tokenized versions of listed stocks and ETFs, a move Novogratz believes could strengthen institutional interest.

For now, Bitcoin’s bull score remains mixed. CryptoQuant data shows only two of ten key signals—“technical signal” and “Bitcoin demand growth”—still positive. Other indicators, including the profit/loss index and stablecoin liquidity, have moved into the red.

See more market coverage via Bloomberg and Reuters, and view current crypto and other currencies rates live on our JolibaLive Business page.

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