Bitcoin Surges to $113K as Options Expiry Supports Rally Ahead of Jobs Report

Bitcoin (BTC) extended its recovery ahead of Friday’s U.S. jobs report, climbing to $113,000—its highest level since August 28—and posting its first higher high since mid-August’s all-time peak of $124,000, according to CoinDesk data. Technical analysts view this as a potential bullish reversal, signaling renewed momentum in the market.

BTC’s market dominance also rose to a two-week high of nearly 59%, up from 57.5%, suggesting a rotation of capital back into bitcoin after a period of outflows toward ether.

The price surge may have been influenced by the max pain theory, which predicts that option sellers push the spot price toward a level that maximizes losses for option buyers near expiry. On Friday, $3.28 billion in BTC options expired on Deribit, with max pain calculated at $112,000—closely aligning with the observed price move.

As bitcoin steadies above $112,000, traders now turn their attention to the U.S. nonfarm payrolls report at 8:30 a.m. ET for the next market catalyst.