Bitcoin Skyrockets to $103,000 : Is this the Start of a Bull Run ?

Bitcoin skyrockets to $103,000, fueled by $30.7 billion in options and hot ETFs. Is this surge signaling a bull run? Analysis.

Written by Léa

Translated on May 8, 2025 at 23:36 by Léa

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Bitcoin (BTC) Price Surges : Here’s Why

The Bitcoin (BTC) once again surpasses the symbolic $100,000 mark, reaching $103,000 on May 8, 2025. The BTC price records an over 6% increase in 24 hours.

btc coinmarketcap price — *Bitcoin (BTC) Price Peak on May 8, 2025* – Coinmarketcap

This breakout above $100,000, a major psychological level, is driven by a significant increase in open interest on Bitcoin options. The open interest hits a record of $30.7 billion on Deribit, an all-time high since March. In just one day, this open interest surged by $2.2 billion, fueled by intense speculation. Traders overwhelmingly favor call options, especially those with an ambitious $300,000 strike for June, accumulating a total notional value of $500 million.

A call option allows the trader to buy Bitcoin at a specific price (strike) before a set date. The higher the strike, the more the trader bets on a significant increase. A $300,000 strike indicates a bullish signal on Bitcoin.

Open Interest bitcoin btc — Chart showing the open interest in Bitcoin put options between May and July – *source : Laevitas.ch*

The impending expiration of $13.6 billion of options this Friday could amplify market volatility. Historically, these massive expirations have often been catalysts for upward rallies. This was notably the case in November 2024 when BTC nearly touched $100,000. The Bitcoin ETFs, fueled by regular institutional flows, amplify this upward trend. However, current trading volumes, while increasing, remain below peak levels seen during previous bull cycles. This suggests a potential consolidation risk if the momentum were to fade.

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Why Bitcoin Could Aim Even Higher ?

From a technical standpoint, Bitcoin shows a strong bullish momentum. The price is above the 50-day Simple Moving Average (SMA) at $87,892, and a bullish MACD supports the trend, despite a slightly flattened histogram. The 14-day RSI at 66.6 remains in bullish territory without overheating, leaving room to test the all-time high of $108,786.

The support levels at $97,700 and $95,000 form a strong base, while the resistance at $104,000 poses the next challenge. A close above it could propel BTC towards $108,000.

The increasing liquidity, boosted by ETFs and options activity, reduces the risk of deep corrections. Institutional adoption, with steady flows into ETFs, strengthens the bullish sentiment. However, a bearish RSI divergence during the breakout at $100,000 warns of a possible slowdown if volumes do not increase.

Is It Too Late to Buy Bitcoin (BTC) ?

At $103,000, Bitcoin raises a crucial question: Is it still time to invest? The fundamentals remain strong, with increasing institutional adoption via ETFs and record speculative interest in options.

The crossing of $100,000 has also boosted altcoins, with Ethereum gaining 6% and Solana up by 10% in 24 hours, indicating an overall bullish crypto market. However, the expiration of $13.6 billion of options could trigger sudden volatility, and massive profit-taking could push BTC back to $97,700.

A gradual buying strategy (DCA) on pullbacks towards $97,700 to $98,000 seems prudent, with strict risk management amid high speculation. On-chain data suggests that whales have not yet sold massively, an encouraging sign. Can Bitcoin reach $108,000 this summer? The bulls will need to defend $100,000 and attract more volumes to confirm a sustainable bull run.

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Léa

Léa is a member of the InvestX team, dedicated to guiding users through their learning journey. Passionate about cryptocurrencies, she closely follows market trends. On InvestX.fr, Léa writes articles to help readers decode the latest news and stay informed about the ever-evolving blockchain world.

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