Why Is Bitcoin Price Going Up? Is a $115K Rally Next?

Bitcoin, the world’s largest cryptocurrency, jumped nearly 5% to around $81,015, recovering from the mid-$77,000 range as more than $603 million in crypto positions were liquidated. The rally comes as oil prices ease, U.S. crypto rules move forward, and Bitcoin ETFs see strong inflows

Now, Bitcoin is approaching a key resistance level, with a bullish W-shaped pattern pointing to a possible move toward $115,751.

Falling Oil Prices Ease Market Pressure

One of the main reasons behind Bitcoin’s sharp rally is the easing of tensions in the Middle East. Crude oil prices fell below $100 after Saudi Arabia found alternative supply routes through Oman, easing fears of major supply and transit disruptions.

Earlier this week, oil prices had climbed close to $108, their highest level in nearly four months. The rise came after reports that crude shipments from Saudi Arabia’s Red Sea export hub in Yanbu had been suspended.

Saudi Arabia also reportedly cancelled some deliveries to Europe after a pipeline attack last week. The events, along with rising tensions between Saudi Arabia and Yemen’s Houthis, had increased fears about future oil supplies.

CFTC Crypto Rules Add to Bitcoin Rally

Another factor behind Bitcoin’s price rally is the latest move from U.S. regulators. The U.S. Commodity Futures Trading Commission submitted new rules titled “Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets” to the White House for review, entering the early rulemaking stage.

At the same time, the SEC granted a five-year exemption for limited on-chain trading of tokenized stocks. The move allows regulators to test blockchain-based trading while maintaining investor protections.

These developments came shortly after the Senate failed to advance the CLARITY Act, adding a new focus on crypto rules through regulatory action.

Bitcoin ETFs See $591M Inflows in Two Days

Strong ETF demand has also added fuel to Bitcoin’s rally. U.S. spot Bitcoin ETFs recorded $591 million in net inflows over the past two days. On September 18 alone, they saw $433 million in inflows, led by Fidelity’s FBTC with $311 million and BlackRock’s IBIT with $108 million.

The return of institutional demand has added further buying pressure as Bitcoin moves higher.

Meanwhile, the rally has also triggered heavy short liquidations. Around 119,948 traders were liquidated, with total losses reaching $603.39 million. Short traders accounted for more than $523 million of the liquidations in the last 24 hours.

Bitcoin Price Eyeing $115K Level

Looking at the daily Bitcoin price chart, BTC is approaching a W-shaped pattern, with a breakout above $82,917 potentially confirming the bullish structure.

If BTC breaks and holds above $82,917, the chart projects an initial move toward around $99,000, followed by a possible pullback toward $91,000. 

If buyers remain in control after that pullback, the next major target is around $115,751, which is also the chart’s major resistance level.

On the downside, failure to break $82,917 could keep BTC range-bound and delay the bullish setup.