Bitcoin pops back above $110K as quarter-end options loom

Bitcoin briefly reclaimed the $110,000 mark on Friday, Sept. 26, before easing, after an early dip toward ~$109K earlier in the day. The move comes into a chunky quarter-end options expiry that’s steering intraday swings.

Derivatives are the main storyline: roughly $22B in crypto options were set to expire into today’s settlement window, including more than $17B tied to BTC on Deribit, according to market reports. Positioning around that expiry has amplified moves inside a tight $108K–$113K band.

Context matters. Bitcoin set a fresh all-time high above $124,000 in August and has since been range-bound as flows cooled and macro data kept risk appetite in check. Recent notes also flag a “slowdown” in U.S. spot BTC ETF activity, with mixed prints this week adding to choppy tape.

Key levels to watch

• Immediate support: $109K (intraday shelf), then $108K.
• Near-term resistance: $110.5K–$112K; a clean break and hold above there would force short covering.
• Bigger picture: August ATH near $124,450 remains the upside reference if momentum returns.

Why this move matters

Quarter-end expiries can reset leverage and skew, sometimes unlocking direction into the next week. If BTC holds above the $110.5K–$112K band after settlement, momentum traders will look higher; lose $109K with volume and eyes shift back to the $108K area first.

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