Only $6K Away From Breaking Records Again

Key Insights:

• Bitcoin sits less than 6% from ATH, with a $6K gap potentially closing in a single session.
• Key support zones remain at $115.5K and $113K, critical for momentum in current bullish structure.
• $4.9 trillion options expiration may fuel volatility, echoing past 7–16% Bitcoin swings

Bitcoin(BTC) was trading at $116,884, leaving it less than 6% below its all-time high near $125,000.

According to CryptosRus,

 “People act like we’re miles off, but $6K can be a single day’s move.”

The chart shows Bitcoin consolidating after repeated tests of the $120K area. Since June, the market has formed a series of higher lows, reflecting steady underlying strength. Moving averages also confirm the broader trend, with the 50-day line positioned above the 200-day line.

Coiling Below Resistance

The current pause in momentum is being described as a coiling phase rather than weakness. Price action has narrowed into a tighter range, often a precursor to sharp breakouts. With the Federal Reserve signaling rate cuts, more liquidity is expected to flow back into markets, which could act as a trigger for further upside.

A single strong move could bridge the remaining $6,000 gap in one session. On the other side, $110K and the 200-day moving average remain key support levels if the market turns lower.

Short-Term Levels to Watch

Market watchers such as Crypto Bully have outlined short-term trade levels. “Acceptance above $116.7K high-volume area = Push above $120K,” he noted. Immediate support sits near $115.5K, backed by the 100EMA and VWAP. A deeper level of interest lies at $113K, which combines the monthly VWAP and past support.

These price areas are being monitored closely. A hold above them could set up another leg higher, while acceptance below $113K would likely point to weakening momentum.

Options Expiration Brings Extra Volatility

Adding to the setup is today’s $4.9 trillion in stock and ETF options expirations, equal to 1.2 times the total crypto market cap. As noted by CryptoRover, previous triple witching events have coincided with sharp moves. In March 2025, Bitcoin dropped -17%, while June’s expiration saw a -7% dip.

With Bitcoin now near $117K during the latest expiration window, the chart signals the potential for a 7% swing. Traders are preparing for volatility as liquidity shifts across both traditional and digital markets.