Bitcoin’s steady consolidation above $100,000 is fueling increased leveraged trading, positioning the market for a possible surge to fresh record highs in the weeks ahead.

Currently hovering just over $107,000, Bitcoin is inching closer to its all-time peak, with market watchers optimistic about further gains.

Tuesday saw futures open interest across leading exchanges hit a record $75 billion in U.S. dollar terms, highlighting rising speculative activity and aggressive positioning by traders.

This comes amid a robust rally in spot markets, where Bitcoin has held above $100,000 for more than 11 days straight—an indication, according to some analysts, of strong buying interest and market resilience.

“The price action suggests we’re in a consolidation phase,” said Ruslan Lienkha, chief of markets at YouHodler, in a statement to CoinDesk. “Such accumulation periods often precede significant upward moves, potentially leading to new highs.”

As of Tuesday morning, Bitcoin was trading near $107,500, up roughly 1.5% over 24 hours. Other cryptocurrencies like Ethereum (ETH) and Solana (SOL) gained around 2%, while Dogecoin (DOGE), Cardano (ADA), and XRP each climbed approximately 3-4%.

Supporting this bullish sentiment, derivatives data show the call-to-put open interest ratio reaching 1.55 over the weekend. Meanwhile, premiums on out-of-the-money call options increased, indicating traders expect a breakout, said HTX Research analyst Chloe Zheng.

Implied volatility for short-term contracts fell to an 18-month low of 35-40%, reflecting a calm trading environment despite rising leveraged exposure.

“Euphoric sentiment combined with low volatility often hides a buildup of leverage,” HTX Research noted. “Such conditions have historically preceded Bitcoin retesting all-time highs within 30 to 45 days.”

However, resistance at $107,000 remains firm. FxPro’s Alex Kuptsikevich said retail investors and momentum traders are fueling the current price action, undeterred by macroeconomic risks or recent concerns around exchange security.

“The market’s next moves will depend heavily on shifts in global risk appetite,” Kuptsikevich explained. “Breaking past $107K could pave the way for a rally toward $115K.”