The recent price action of Bitcoin (BTC USD) has been characterized by a lack of movement, oscillating between $110,000 and $111,600, trapped within the trading range established on September 5. Initially, there was hope that the U.S. Non-Farm Payroll (NFP) report released on Friday would drive cryptocurrencies—including Bitcoin—higher, but that optimism has not materialized. Bitcoin remains under pressure, with sellers significantly impacting the market since mid-August 2025.
Despite this sluggish performance, Bitcoin continues to dominate the cryptocurrency landscape, holding over 56% of the total market share according to Coingecko. The asset is up by 105% year-to-date, though it has faced hurdles over the past month, with a decline of nearly 5%, even as it added almost 4% in the past week.
Traders appear to maintain a bullish stance toward Bitcoin, particularly on major exchanges like Binance and OKX. On Binance, the long-to-short ratio stands at 1.69, while OKX reports a more bullish sentiment with a ratio of 1.82, indicating that many are betting on a price increase despite the current stagnation around $110,000.
However, caution may be warranted as open interest has decreased since mid-August, trending downward from over $84 billion to $78.7 billion as of September 8. This trend raises questions about market confidence.
Analyzing the current price movement, it is clear that sellers are in control in the short term. Bitcoin’s price has remained relatively flat since a dip on August 29, although no definitive sell-off has been confirmed. Local resistance is identified at approximately $113,500; if breached with increasing volume, it could lead to a recovery towards $124,000. Conversely, support is firmly established at the $107,500 zone. If selling pressure strengthens, it could risk dragging Bitcoin down to $100,000.
Despite potential bearish scenarios, some analysts remain optimistic. One particularly bullish prediction circulating on social media suggests that Bitcoin could surge to $1 million by the end of 2026, drawing parallels to historical patterns observed during the 2015-2017 bull market, where Bitcoin prices skyrocketed to $20,000.
In another development, Tether, the issuer of USDT, faced speculation regarding the liquidation of its Bitcoin holdings, which saw a drop from 92,650 BTC to 83,274 BTC in Q2 2025. Paolo Ardoino, Tether’s CTO, refuted these claims, asserting their unwavering commitment to crypto and denial of any Bitcoin sales, stating that shifts in holdings were due to transfers rather than liquidations. Samson Mow backed this clarification, indicating the decrease resulted from a transfer to Twenty One Capital.
Simultaneously, El Salvador marked “Bitcoin Day,” celebrating four years since Bitcoin was adopted as legal tender. With the government halting new BTC purchases using public funds as per its loan agreement with the IMF, its Bitcoin Office reportedly holds 6,313 BTC without significant acquisitions since February 2025.
On the innovation front, interest is directed towards the Bitcoin Hyper platform, which is conducting a presale expected to revolutionize Bitcoin’s scalability through a new layer-2 solution leveraging Solana’s technology. With over $14.4 million raised in presale funds, the initiative aims to facilitate near-instant transfers and low fees while supporting smart contracts.
As industry analysts keep a close watch, the overall sentiment suggests that Bitcoin could be on the verge of a significant breakout, supported by recent developments and market interest.
