Overview

• Bitcoin is holding near $115,000–$116,500 after a two‑week bounce supported by softer U.S. inflation and about $928 million of spot ETF inflows.
• Options open interest has swelled to roughly $54.6 billion, reinforcing derivatives’ outsized influence, while a weekly put/call ratio near 1.3 signals a cautious stance.
• The market is testing resistance between $116,000 and $121,000, with support around $114,500 and $112,200 and downside risk toward $107,000–$110,000 if supports give way.
• Price has moved above the roughly $114,000 realized price for 3–6 month holders, suggesting reduced near‑term sell pressure from that cohort.
• Short‑term holders are realizing losses based on SOPR readings, indicating fragile speculative confidence even as some analysts see the broader uptrend as intact.