Bitcoin (BTC) is steadily pushing closer to its all-time high, currently trading above $107,000, with market experts optimistic about further gains in the near future. This surge coincides with futures open interest across major exchanges reaching an unprecedented $75 billion, indicating rising speculative activity and leveraged bets.

BTC Holds Above $100,000 Amid Signs of Accumulation

Bitcoin has now maintained a price level above $100,000 for over 11 consecutive days—a strong sign of investor confidence and accumulation. This period of consolidation is seen by many traders as a preparatory phase for another upward move that could break previous price records.

Ruslan Lienkha, chief of markets at YouHodler, told CoinDesk that the current price action resembles a “consolidation phase” characterized by steady accumulation. According to him, this sets the stage for a fresh rally potentially pushing Bitcoin to new heights.

Derivatives Data Backs Bullish Outlook

Supporting the optimistic sentiment, the call-to-put open interest ratio surged to 1.55 over the weekend. This metric reflects a higher volume of bullish options positions relative to bearish ones, hinting that traders are positioning for a breakout.

HTX Research analyst Chloe Zheng highlighted that premiums for out-of-the-money call options increased across the board, further signaling traders’ expectations of a strong price move upward.

Interestingly, despite the heightened leverage, Bitcoin’s short-term implied volatility dropped to an 18-month low, hovering between 35% and 40%. This suggests a calm market backdrop even as speculative positioning intensifies.

Mixed Market Signals but Eyes on $115,000

The $107,000 resistance level has so far capped Bitcoin’s rally, with the price unable to sustain a move beyond this threshold. FxPro analyst Alex Kuptsikevich noted that retail investors and momentum traders are fueling the current market dynamics, undeterred by macroeconomic uncertainties or recent security concerns in crypto exchanges.

Kuptsikevich pointed out that breaking through the $107,000 level is critical for the uptrend to continue. If Bitcoin successfully breaches this barrier, it could open the path toward a potential target of $115,000 in the coming weeks.

Altcoins Also Show Gains

The bullish momentum in Bitcoin is mirrored by positive moves in major altcoins. Ethereum (ETH) and Solana (SOL) each gained approximately 2%, while Dogecoin (DOGE), Cardano (ADA), and XRP saw gains around 3-4%. These movements suggest broad strength across the crypto market, further underpinning the optimistic outlook.

Conclusion: Calm Before a Potential Breakout

The unprecedented level of futures open interest, which recently hit $75 billion, reflects a surge in leveraged bets on Bitcoin’s price direction. High open interest often signals that traders are actively positioning themselves for expected volatility or significant price moves. In Bitcoin’s case, this has translated to a buildup of bullish sentiment, as many expect a breakthrough above the longstanding resistance near $107,000.

However, the market is currently experiencing relatively low implied volatility—between 35% and 40%, the lowest in 18 months. This calm volatility suggests a lack of panic selling or abrupt price swings, which is somewhat unusual when speculative interest is this intense. Historically, such a combination of elevated leverage and subdued volatility tends to precede a sharp price move, as the market ‘stores up’ energy before releasing it in a decisive breakout or breakdown.