Bitcoin jumped above $122,000 on Friday, driven by firm US buying interest and increasing investor demand for leverage. The lead cryptocurrency is closing in on its all-time high of $124,128, with Coinbase Premium GAP indicating that US investors are paying a premium price over other exchanges. Record open interest at $89 billion has been reached, an indicator of increased trading volumes and optimism in market direction. Institutional investment has also played a role, as US spot Bitcoin ETFs have recorded $2.2 billion in net inflows this week. The price increase occurs in the wake of delayed US economic data, leading to increased interest in crypto assets, although Bitcoin still lags gold and silver in year-to-date performance.
KEY LOOKOUTS
• Bitcoin is closing in on its all-time high of $124,128, as US consumers drive momentum and spot demand picks up.
• The open interest of BTC has reached a record high of $89 billion, pointing to an expanding desire for leveraged trading.
• US spot Bitcoin ETFs have attracted $2.2 billion in weekly net inflows, signaling restored institutional faith.
• The US government shutdown and jobs report delay have fueled increased interest in crypto assets, which has helped to fuel the recent rally.
The recent rally of Bitcoin above $122,000 indicates new strength for the cryptocurrency market, led by US investors and increased trading activity. The rally has been fueled by increasing spot demand, record-high open interest at $89 billion, and substantial inflows into US spot Bitcoin ETFs to the tune of $2.2 billion this week. Market sentiment has also been helped by the delayed release of the US September jobs report due to the government shutdown, which has helped shift the focus of investors towards crypto assets. As Bitcoin gains traction, though, it remains behind gold and silver in year-to-date performance, indicating both opportunity and caution for traders.
Bitcoin jumped above $122,000 as institutional inflows and US investors fueled market upside. Increasing spot demand and record open interest indicate robust trading activity, which drives BTC towards its all-time high.
• Bitcoin jumped above $122,000, nearly reaching its all-time high of $124,128.
• US purchasers are fueling strong upside, which can be seen in the Coinbase Premium GAP of $113.
• Open interest is at a record $89 billion, pointing to increasing leverage in the market.
• $153 million of short positions were closed over the last 24 hours.
• US spot Bitcoin ETFs attracted $2.2 billion in net flows this week, propelling institutional appetite.
• Postponed US September jobs report during the government shutdown heightened investor demand for crypto.
• Even with the rally, Bitcoin’s year-to-date performance (25.6% increase) is still behind gold (46.7%) and silver (61.8%).
Bitcoin has jumped above $122,000, led in significant part by robust US investor buying and renewed crypto asset interest. The surge is a testament to increasing market confidence, as institutional buyers also entered via US spot Bitcoin ETFs that have seen $2.2 billion in net inflows this week. Enthusiasm in the markets has been further created as the US delayed September jobs report created a situation where traders and investors shifted their focus toward other assets such as Bitcoin.
BITCOIN Daily Chart Price
SOURCE: TradingView
This rise in demand underscores the larger adoption and investment interest in cryptocurrencies by retail and institutional investors alike. Although Bitcoin has picked up massive pace this year, it remains behind conventional safe-haven assets such as gold and silver in year-to-date returns. However, the increased participation and historic high trading volumes indicate that Bitcoin is still a point of interest for investors interested in accessing digital assets amid the current economic climate.
TECHNICAL ANALYSIS
Bitcoin’s surge above $122,000 reflects strong bullish momentum, supported by rising spot demand and high leverage in the market. The record open interest of $89 billion indicates that traders are actively positioning for continued price movement, while short liquidations totaling $153 million in the past 24 hours have further fueled upward pressure. The Coinbase Premium GAP of $113 indicates more robust US investor buying, generating localized demand that can serve as near-term support. In all, technical metrics signal prolonged bullish momentum as BTC nears its all-time high of $124,128.
FORECAST
Bitcoin will continue to strengthen in the short term with solid US buying interest, institutional inflow, and increasing investor interest due to delayed economic data. If demand does not falter, BTC may challenge its all-time high of $124,128, with the support levels getting established near recent breakout zones around $120,000.
Yet, the market may also experience short-term pullbacks in the event of intensified profit-taking or general economic news impacting sentiment. Traders must look out for resistance at the last all-time high and keep leverage levels in check since sharp corrections may lead to liquidations that occasionally press prices lower.
