Bitcoin has ascended beyond the $115,000 threshold as of September 13, 2025, marking a significant milestone that reflects robust investor confidence and sustained buying pressure in the cryptocurrency market. This upward momentum follows a period where Bitcoin concluded August trading below $110,000, indicating a dynamic shift in market sentiment.
Crypto analyst Burak Kesmeci has identified on-chain data, specifically the Taker Buy Sell Ratio on Binance, as a key indicator of this strength. This metric, which gauges the balance between buy and sell orders executed by market takers, has remained above 1 for three consecutive days. Kesmeci noted that local peaks for this ratio in 2025 have reached approximately 1.15, suggesting that while investor sentiment is decidedly positive and buying activity is outpacing selling, the market is not yet experiencing overheated conditions, indicating potential for continued appreciation. The Taker Buy Sell Ratio, by comparing the volume of buy orders to sell orders initiated by market takers, offers a granular view of immediate trading intentions, with values above 1 signaling a greater willingness to acquire at prevailing market prices.
This surge is occurring within a broader market context where institutional interest remains a significant driver. Spot Bitcoin ETFs have seen substantial inflows, with over half a billion dollars entering these products in the week leading up to September 12, 2025. Fidelity's FBTC led these inflows with $315 million, followed by BlackRock's IBIT with $264 million. In total, US spot Bitcoin ETFs attracted over $2.3 billion in the week ending September 12, 2025. This influx of capital from traditional financial players underscores a growing acceptance and integration of Bitcoin into mainstream investment portfolios.
Market analysts suggest that Bitcoin may currently be trading below its intrinsic value, with its price showing a positive correlation to M2 money supply growth. Historical data indicates that Bitcoin has maintained a positive correlation with M2 money supply growth over the past decade, with monetary expansion typically leading price movements by approximately three months. If this relationship continues, increased liquidity in the fourth quarter of 2025 could provide further upward momentum for Bitcoin's price. Some analysts project that Bitcoin could capture 10% of the projected $20 trillion global M2 money supply growth in 2025, potentially driving its price significantly higher.
Looking ahead, many experts maintain a bullish outlook, forecasting Bitcoin's potential to reach $120,000 and beyond in the short term, with longer-term projections extending to $167,000–$185,000 in the coming quarters. While these optimistic targets are supported by strong on-chain metrics and institutional demand, the market is also observing key resistance levels around the $120,000 to $125,000 zone. The current consolidation phase around $115,000 represents a strategic equilibrium, a testament to the market's capacity to absorb gains and prepare for its next significant move. This period of stability, underpinned by consistent buying pressure and positive sentiment, suggests a market that is maturing and building a foundation for sustained growth, reflecting a collective belief in Bitcoin's evolving role as a strategic asset.