The push to record Bitcoin prices brings focus to $115K, a critical zone where the rally could face invisible resistance.

Bitcoin Eyes $115K Milestone, But Market Makers’ Hedging Could Slow Momentum

Bitcoin (BTC) surged past $111,000 early Thursday, hitting fresh record highs amid mounting institutional demand. Yet, analysts warn that the rally could face resistance around the $115,000 level due to hedging activities by market makers.

Trading data from Asian sessions shows BTC climbing nearly 3.5% to approximately $111,878, lifting its market cap further. Alexander S. Blume, CEO of Two Prime, points to a drying up of over-the-counter supply driven by large corporate treasury purchases as a key factor behind the rally.

“Corporate and even sovereign buyers have been acquiring bitcoin heavily off-exchange,” Blume explained. “This reduced OTC liquidity isn’t visible on traditional exchanges or derivatives markets but is pushing prices higher. We could see increased volatility as competition intensifies.”

Ryan Lee, chief analyst at Bitget, forecasts that Bitcoin could reach $180,000 by year-end, fueled by strong ETF inflows, post-halving supply constraints, and rising institutional adoption.

“The downgrade of the U.S. credit rating by Moody’s has renewed interest in Bitcoin and Ethereum as hedges against fiat risk,” Lee said. “Bitcoin’s ability to maintain levels above $103,000 amid macroeconomic challenges underscores its growing role as a strategic asset.”

Gamma Hedging at $115K May Cap Upside

However, Jeff Anderson of STS Digital cautions that options market makers could act as a “brake” on price gains near $115,000. Market makers—who facilitate liquidity by taking the opposite side of trades—hedge their positions by selling BTC when prices rise, particularly around strike prices with high open interest.

According to Deribit options data monitored by Amberdata, there is a large concentration of “positive gamma” exposure between $115,000 and $150,000. Positive gamma means that as BTC’s price rises, dealers must sell more BTC to remain hedged, effectively placing downward pressure on the price.

“There is significant call overwriting in this range, making dealers more defensive,” Anderson noted. “Once Bitcoin can clear this gamma zone, we may see a powerful breakout.”