Bitcoin CME futures hit $100K for the second time in 5 days: Will BTC spot price follow?

On Nov. 30, Bitcoin futures on the Chicago Mercantile Change (BTC CME) rose to $100,200 for the second time in 7 days after initially hitting the milestone on Nov. 22.

Bitcoin’s (BTC) spot value has but to achieve $100,000, however the cryptocurrency reveals promise because it briefly hit an intra-day excessive at $98,600 earlier than promoting off.

In response to The Kobeissi Letter, Bitcoin futures open curiosity at CME surpassed 40,000 contracts and previous to the Nov. 29 Thanksgiving vacation, CME Bitcoin futures volumes had been at $12.3 billion. 

Buying and selling volumes surged within the EU and NY session after US inventory markets had been closed on Nov. 29 in observance of the Thanksgiving vacation. A robust spot bid will be noticed at Coinbase the place the unfold or “Coinbase premium” between BTC/USD value and Bitcoin spot value at Binance has exceeded $200. 

Regardless of the CME BTC futures hitting $100,200 and Bitcoin’s spot value making an effort to attain the identical consequence, constant promoting close to the 6-figure market continues to hamper the hassle. 

Standard crypto and shares dealer Horse described the $100,000 stage as “a fortress” and stated that “every time we commerce shut, I think about a few of that positioning takes early exits at market.” 

As proven within the chart under, Bitcoin value pulls again because it faucets into the thick pink wall of asks that stretch from $99,700 to $100,000 and above. Alongside the robust spot bid at Coinbase, using leverage at Bybit and Binance displays merchants’ want to push BTC over the $100,000 stage. 

Liquidations within the futures market have additionally performed a job within the Nov. 30 Bitcoin value motion, the place roughly $55 million in brief positions have been compelled closed. 

Given the sturdy promoting close to $100,000, knowledge from CoinGlass means that bulls might want to press Bitcoin value to $99,000 to set off the following liquidation cascade that would generate the pressure wanted to take BTC spot value above $100,000.  

This text doesn’t comprise funding recommendation or suggestions. Each funding and buying and selling transfer includes threat, and readers ought to conduct their very own analysis when making a choice.