Strong market sentiment and subdued volatility are encouraging leveraged bets as Bitcoin (BTC) consolidates above the $100,000 mark—setting the stage for a potential push toward new all-time highs, according to traders.
BTC is currently trading just above $107,000, nearing its previous record, with analysts anticipating upward momentum in the near term.
Futures open interest across major exchanges reached an unprecedented $75 billion on Tuesday, indicating a surge in speculative activity and increased leveraged positions.
This follows a steady rally in spot markets, where Bitcoin has remained above $100,000 for over 11 consecutive days—a signal, some traders say, of strong accumulation and underlying market strength.
“This phase looks like consolidation,” said Ruslan Lienkha, head of markets at YouHodler, in an email to CoinDesk. “It suggests accumulation that could fuel another upward leg, potentially pushing BTC to new record highs.”
On Tuesday morning, Bitcoin was trading around $107,500, up nearly 1.5% over the previous 24 hours. Ethereum (ETH) and Solana (SOL) both gained about 2%, while Dogecoin (DOGE), Cardano (ADA), and XRP each rose approximately 3%.
Derivatives data further bolster the optimistic outlook. The call-to-put open interest ratio climbed to 1.55 over the weekend, with premiums on out-of-the-money call options increasing across the board—an indication that traders are bracing for a breakout, according to Chloe Zheng of HTX Research.
At the same time, short-term implied volatility fell to an 18-month low between 35% and 40%, pointing to a calm market environment despite rising leveraged positions.
“This combination of heightened enthusiasm and low volatility can mask an underlying buildup of leverage,” HTX Research noted. “Under these conditions, Bitcoin could retest its all-time highs within the next 30 to 45 days.”
Nevertheless, the $107,000 resistance level remains firm for now. Alex Kuptsikevich, an analyst at FxPro, pointed out in an email that retail investors and momentum traders are driving the current market dynamics, seemingly unfazed by macroeconomic uncertainties or recent concerns about exchange security.
“Future price movements will hinge on shifts in global risk appetite,” Kuptsikevich said. “If Bitcoin breaks through $107K resistance, the path toward $115K becomes more likely.”
