BTC consolidates amid rising derivatives market activity
Bitcoin is currently consolidating near $113,000. The 4-hour chart shows a developing corrective structure between $110,000 and $115,000, indicating a pause in the recent uptrend.
This range-bound movement followed a strong rally in early October and now reflects a balance between buyers and sellers. Traders are closely monitoring the $110,000 support zone, which remains a key line of defense against deeper corrections.
The pullback from $126,327 to $104,998 defines key Fibonacci retracement levels that now influence the short-term price reaction. The pullback at 0.236 from $110,031 acts as immediate support, and the 0.382 level from $113,445 limits most intraday rebounds. The $115,662 zone, which coincides with the 50-day exponential moving average, represents a mid-range reversal point that could determine Bitcoin's future direction.
Furthermore, the 0.618 correction level near $118.179 coincides with the 100-day exponential moving average, forming a strong resistance cluster. A clean break above this zone could trigger a resumption of bullish momentum, while a sustained pullback could return the price to $110,000.
In addition to spot movements, the Bitcoin derivatives market has seen a sharp increase in speculative interest. Open interest in futures on the flagship cryptocurrency has risen to $73.33 billion, one of the highest levels since early 2025. This growth indicates increased institutional investor engagement and the use of leverage.
Source: cryptonews.net
