TL;DR
- Price Surge: Bitcoin climbed to $113,000, its highest since August 28, forming a bullish higher high that hints at renewed upward momentum.
- Dominance Rise: BTC’s market share advanced to nearly 59%, reversing earlier declines as traders shifted capital back from Ether.
- Options Expiry: $3.28B in BTC options expired near the $112,000 max pain level, aligning spot prices with a key options market theory.
Bitcoin’s latest rally has pushed the cryptocurrency to its highest level in over a week, with market dominance climbing as traders brace for fresh U.S. economic data. The move marks a notable shift in sentiment after weeks of mixed performance and could set the tone for the next market phase.
Price Hits Highest Level Since Late August
BTC rose to $113,000, its strongest showing since August 28, according to on-chain data. The climb also marked the first higher high since the mid‑August all‑time peak of $124,000. In technical analysis, a higher high often signals a potential bullish reversal, suggesting that momentum may be turning in favor of buyers after a period of consolidation.
Market Dominance Nears 59%
Bitcoin’s share of the total cryptocurrency market reached nearly 59%, up from a recent low of 57.5%. This two‑week high in dominance indicates renewed capital inflows into BTC, reversing a trend where large holders had been rotating into Ether. The shift underscores Bitcoin’s current appeal as traders seek stability and potential upside in the lead‑up to key macroeconomic events.
Max Pain Theory in Play
The rally coincided with the expiry of $3.28 billion in Bitcoin options on Deribit at 8:00 UTC, with the max pain point set at $112,000. The max pain theory suggests that as expiry approaches, option sellers may push prices toward a level that inflicts the greatest loss on buyers. On Friday, BTC’s spot price aligned almost perfectly with this level, rising above $112,000 just before expiry. While the theory is widely discussed in traditional markets, its consistent application in crypto remains debated among analysts.
Eyes on U.S. Jobs Report
Attention now turns to the U.S. jobs report, scheduled for release at 8:30 ET. The data could influence market sentiment and determine whether Bitcoin’s upward momentum continues or stalls. Traders will be watching closely for signs of economic strength or weakness, as these could impact expectations for monetary policy and risk appetite across asset classes.
