Bitcoin Surges Past $113K as Bulls Target Higher Strikes

Bitcoin extended its rally above $113,000 on Wednesday, fueled by bullish positioning in the options market and renewed institutional interest. Open interest is concentrated at $115K and $120K strikes, with longer-dated bets reaching as high as $140K and $150K.

A wave of short liquidations earlier in the week helped propel prices higher, exposing weakness in bearish positions. Traders are now pricing in further upside as funding rates remain positive and call volumes outpace puts across major platforms.

Market sentiment has also been lifted by expectations of more crypto-friendly regulation under a potential second Trump administration. His recent pro-Bitcoin remarks have reinforced that view.

Despite broader macro concerns like tariffs and inflation, Bitcoin is increasingly seen as a resilient hedge—and the current momentum suggests traders are betting that the rally still has room to run.