As a seasoned crypto investor with a decade-long journey through the digital asset landscape, I must say that witnessing Bitcoin’s persistent approach towards the $100,000 mark has been nothing short of exhilarating. The recent surge in CME futures to $100,200 and the spot price’s flirtation with the six-figure milestone is a testament to the resilience and potential of this revolutionary technology.
7 days apart, the price of Bitcoin futures on the Chicago Mercantile Exchange reached $100,200 twice, first on November 22nd and then again on November 30th.
From my perspective as an analyst, while Bitcoin’s (BTC) spot price hasn’t breached the $100,000 mark yet, it’s intriguing to note that it momentarily peaked at an intra-day high of $98,600 before experiencing a correction. This brief surge underscores Bitcoin’s potential strength and market influence.
As stated in The Kobeissi Letter, the number of open Bitcoin futures contracts at the Chicago Mercantile Exchange (CME) exceeded 40,000, and before the November 29 Thanksgiving holiday, trading volumes for CME Bitcoin futures reached an impressive $12.3 billion.
On November 29, when U.S. stock markets were closed for Thanksgiving, trading activity significantly increased in the EU and NY sessions, as a notable spike in trades can be seen. Furthermore, on Coinbase, a robust bid for Bitcoin has been identified, with the difference, or “Coinbase premium,” between the BTC/USD price on Coinbase and the Bitcoin spot price on Binance reaching over $200.
Regardless of BTC futures on the CME reaching $100,200 and Bitcoin’s current price striving towards a similar level, ongoing selling in the six-figure market keeps hindering these attempts.
Crypto and stock trader Horse referred to the $100,000 mark as a “stronghold” and stated that “on occasions when we approach it, I envision some investors making early withdrawals as the market closes.
In my analysis as a researcher, I observed that the Bitcoin price appears to retreat when it encounters the formidable red resistance zone stretching from approximately $99,700 to $100,000 and beyond. Simultaneously, substantial bids for spot trading on Coinbase and the strategic use of leverage by traders on platforms like Bybit and Binance indicate a collective intention among market participants to propel Bitcoin’s price above the $100,000 mark.
The closing of approximately $55 million worth of short positions on Bitcoin, due to liquidations in the futures market, was a factor in its price movement on November 30th.
Based on strong sales around $100,000 as indicated by CoinGlass data, bulls must push Bitcoin‘s price up to approximately $99,000 to initiate a series of sell-offs that could potentially build enough momentum to propel the spot price above $100,000.
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2024-11-29 20:31