Bitcoin now recently broke its all-time high price over $100,000, hitting a daily peak of $103,513 and currently trading at $102,742. This rally puts September’s gain at an incredible 23.34% for the month. It’s driven by extreme derivatives activity, large short liquidations and strong inflows into Bitcoin spot ETFs. Analysts are eyeing important upside targets at $109,000 and $120,000 and strong support at $98,000.

With each passing day, Bitcoin’s remarkable bullish run continues to gain momentum, finally breaking out of an extending bullish flag formation that left traders nervous. The digital currency’s price trajectory illustrates a market more attuned or nervous about macroeconomic factors.

"The volatility in Bitcoin’s strong recovery and the bounce back of altcoins demonstrate how in-tune the market is with macroeconomic changes… While we expect continued volatility at these prices, it is expected to be more bullish." - Avinash Shekhar

As a result, Bitcoin derivatives activity has exploded, with a 24-hour volume high of $136.12 billion. Soaring options volume for Bitcoin has set a record, surging close to 49% to hit $7.65 billion.

This tsunami has ridden in parallel with the being liquidated more than $341 million in shorts. This trend is a clear signal of bullish trader sentiment. Open interest for Bitcoin has surged, mirroring a greater degree of participation and market confidence.

"BTC has been inching closer to the $100,000 mark, breaking free from a weeks-long period of consolidation that had kept traders on the edge. The U.S. crypto landscape, invigorated by recent regulatory advancements and a wave of corporate enthusiasm, provides a fertile backdrop for this ascent. We have seen record flows in the spot ETF and significant corporate investments following in the footsteps of MicroStrategy." - Pankaj Balani

Binance data shows a very strong long bias amongst its traders and a long/short ratio of 1.66. This adds another layer to the bullish sentiment building around Bitcoin’s stellar comeback rally. Total weighted long/short ratio for Bitcoin sits at 1.0597, indicating slightly bullish positioning on the whole.

Bitcoin spot ETFs remain a substantial catalyst behind the cryptocurrency’s appreciating price. Thus, the total net asset value for these flagship ETFs has swelled to $118.66 billion. That makes this sum roughly 5.82% of Bitcoin’s entire market cap. This major investment is yet another sign of the increasing institutional interest in Bitcoin as a legitimate asset class.

Analysts are particularly focused on important technical levels for Bitcoin. The immediate upside targets lie at $109,000 and $120,000, with solid support set in at $98,000. The 200-day Exponential Moving Average (EMA) for Bitcoin is currently $86,840. Retain it as giving powerful additional support, as a new, long-term, level.

Overall, Bitcoin’s Daily Relative Strength Index (RSI) is at 73.51, putting it in overbought territory. This suggests that the crypto may enter a consolidation phase in the near future. It has to contend with a small near-term correction as well.

"On Delta Exchange, the Put/Call Ratio (PCR) for Bitcoin’s weekly options is sitting around 2.3. This has been driven by significant writing on the downside. There has also been unwinding in the upside calls. Overall, the data suggests that Bitcoin might be setting up for another strong push here. The next hurdle for Bitcoin is $107,000 beyond which we might see Bitcoin making a new ATH." - Pankaj Balani