Bitcoin's price has surged past $111,000, igniting optimism as analysts project it may reach $180,000 by year-end, driven by factors such as spot ETF inflows and increased institutional adoption. However, potential hedging activities by market makers at price levels around $115,000 could dampen this bullish momentum. These market makers engage in delta-hedging, which requires them to sell more BTC as prices rise to maintain a neutral exposure, creating a contrarian force that may limit volatility. Additionally, the buying trends among corporate treasuries and sovereign demand for Bitcoin are believed to be enhancing its price but may also contribute to market dynamics. Analysts emphasize that overcoming the hedging activities at $115,000 will be critical for Bitcoin's upward trajectory. They reference the drying OTC supply and macroeconomic factors, such as Moody’s downgrade of the U.S. sovereign credit rating, which have combined to make cryptocurrencies an attractive hedge. As such, the focus remains on whether Bitcoin can break through the looming resistance at $115,000.

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