Bitcoin reached a new all-time high, surpassing $114,000. This milestone has attracted traders focusing on $120,000 this month. Let's explore what is driving this rise.
Bitcoin’s Bullish Wave: Options and Liquidations Fuel the Rally
Bitcoin crossed $114,000 without a blink from options traders. On Deribit, calls are piling up for $115,000 and $120,000. Some are even betting on $150,000 by December. A massive $447 million in short positions just got wiped out, forcing bears to exit quickly. This triggered more buying as traders leaned into the upside.
Bitcoin Liquidity Surge: Fresh Capital Powers BTC Price Discovery
Bitcoin is not just moving because of hype. There’s fresh liquidity backing this rally. Stablecoin reserves on Binance hit a record $31 billion. That’s a big pool of cash ready to jump into Bitcoin and altcoins. A key liquidity signal, the Stablecoin Supply Ratio (SSR) MACD, just made a bullish crossover. Historically, this crossover happens before new capital inflows hit Bitcoin.
Bitcoin Accumulation: Whales and Institutions Stack BTC
Bitcoin wallets known as ‘accumulators’ are going hard. In the last 30 days, these wallets increased their BTC holdings by 71%. They now hold 248,000 BTC, marking a yearly high. This isn’t just speculative noise; it’s real demand at higher prices. Onchain metrics confirm this trend, showing a $4.4 billion rise in Bitcoin's realized cap as BTC broke $113,000.
Market signals suggest Bitcoin’s run isn’t done yet. Traders are confident in a $120,000 BTC this month, with $130,000 and $150,000 targets in view. Bitcoin's momentum is strong, and it continues to capture attention across the market.
