Bitcoin Rallies to $113K as Options Expiry Bolsters Gains Ahead of Jobs Report
Bitcoin (BTC) gained momentum ahead of Friday’s U.S. jobs report, climbing to $113,000—its highest level since August 28—and marking its first higher high since mid-August’s all-time peak of $124,000, according to CoinDesk data. Analysts say the move signals a potential bullish trend reversal.
BTC’s market dominance rose to a two-week high near 59%, up from 57.5%, indicating renewed inflows into bitcoin after recent rotation toward ether.
The rally was likely supported by the max pain theory, with $3.28 billion in BTC options expiring on Deribit at a max pain level of $112,000. This theory suggests option sellers often influence spot prices to maximize losses for buyers near expiry, a dynamic seemingly reflected in Friday’s price action.
Traders now await the U.S. nonfarm payrolls report at 8:30 a.m. ET for the next major market driver.
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