Bitcoin Price Reaches $113,000 as Market Dominance Climbs to 59%

Bitcoin's (BTC) price has climbed to $113,000, its highest since August 28, marking a higher high since the all-time peak of $124,000. This suggests a potential bullish reversal in the trend.

Key points include:

Market dominance increased to nearly 59%, up from 57.5%, indicating renewed capital inflows into BTC.
BTC's bounce may be linked to the max pain theory, with $3.28 billion in options expiring at a max pain level of $112,000.
The price rose above $112,000 ahead of options expiry, aligning with the max pain theory for the first time.

Traders are awaiting the U.S. jobs report at 8:30 ET for further market direction.