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Finbold 2024-11-29 17:12:35

Bitcoin demand is ‘through the roof’, final trigger to $100,000?

As Bitcoin ( BTC ) hovers near the $100,000 mark, on-chain data indicates increased demand for the pioneer cryptocurrency , a move likely to act as a catalyst for achieving the six-figure valuation. Particularly, open interest in Bitcoin futures on the Chicago Mercantile Exchange (CME) has reached record-breaking levels, exceeding 40,000 contracts for the first time in history, according to data by Bloomberg shared by financial commentary platform The Kobeissi Letter in an X post on November 29. CME Bitcoin futures open interest. Source: Bloomberg Since the start of 2024, the total number of outstanding contracts for Bitcoin futures has doubled. To put this momentum into perspective, open interest at Bitcoin’s previous all-time high in November 2021 was only around 17,000 contracts—approximately 58% lower than current levels. “Demand for Bitcoin is through the roof. This comes as Bitcoin’s market cap has reached a record $1.94 trillion. Investors continue to pile into Bitcoin”, the platform noted. One potential source of this demand is institutional investors , who have shown increased interest in the asset since the approval of the spot exchange-traded fund ( ETF ). Bulls are likely to consider this demand a possible driver of the asset’s reaching a new all-time high amid the sustained post-election rally. Bitcoin’s price push to $100,000 Indeed, the push toward $100,000 is supported by technical indicators and other bullish on-chain metrics. To this end, prominent on-chain analyst Ali Martinez noted in an X post on November 29 that there has been a social media buzz regarding Bitcoin’s pullback after reclaiming the $95,000 level. He pointed out that Bitcoin could push higher toward the $100,000 resistance, noting that markets often defy crowd expectations and could even surpass this level. Bitcoin social volume chart. Source: Santiment/Ali_charts Meanwhile, trading expert Michaël van de Poppe stressed on the same date that it is edging closer to a new all-time high based on Bitcoin’s recent momentum. According to his chart analysis, Bitcoin needs to hold above $97,000 to confirm the much-anticipated price milestone. Similarly, as reported by Finbold, another analyst considers Bitcoin reclaiming $98,300 as the key to reaching $100,000. Bitcoin price analysis chart. Source: TradingView The current bullish momentum, backed by rising volume and an improving relative strength index ( RSI ), suggests buyers are firmly in control, further validating the possibility of more upside. Bitcoin price analysis As of press time, Bitcoin was trading at $98,510, having rallied almost 3% in the last 24 hours. In the weekly timeframe, BTC is up by less than 0.1%. Bitcoin price analysis chart. Source: Finbold Based on recent price movements, Bitcoin’s momentum can be considered healthy in its pursuit of an all-time high. Therefore, the pioneer cryptocurrency needs to maintain its valuation above $98,000 to have a realistic opportunity to surge further. Featured image via Shutterstock The post Bitcoin demand is ‘through the roof’, final trigger to $100,000? appeared first on Finbold .

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