Bitcoin CME futures cross $100K for the second time in a week as analysts eye BTC at $100K

Bitcoin CME futures have surged past $100,000 for the second time in just five days, signalling robust institutional demand and fueling optimism for the cryptocurrency’s spot price to achieve the same milestone.

With open interest at record levels and rising volumes across major exchanges, analysts point to key price thresholds and market dynamics that could push Bitcoin’s spot price past the elusive six-figure mark.

Bitcoin CME futures lead the charge toward $100K

Bitcoin CME futures price crossed the $100,000 first on November 22 and then again on November 29, reaching a peak of $100,200.

This underscore growing institutional interest, with open interest exceeding 40,000 contracts—a record for the Chicago Mercantile Exchange.

For perspective, this is a 58% increase compared to the previous all-time high in November 2021.

The Kobeissi Letter

@KobeissiLetter

·Follow

Demand for #Bitcoin is through the roof: Open interest in Bitcoin Futures on CME has surpassed 40,000 contracts for the first time in history. Since the beginning of the year, the total number of outstanding contracts for Bitcoin has DOUBLED. To put this into perspective, at…

4:45 PM · Nov 29, 2024

1.0K

Reply

Copy link

Read 65 replies

Futures trading volumes also hit $12.3 billion during the Thanksgiving holiday week, as institutional investors showed heightened engagement.

The rise in trading volumes was accompanied by a strong “Coinbase premium,” where BTC/USD prices on Coinbase were $200 higher than on Binance, reflecting increased buying pressure.

Despite this optimism, Bitcoin’s spot price remains just shy of $100,000, hovering at $98,510 as of November 29.

Analysts describe the $100,000 level as a “fortress,” with significant selling pressure observed in the $99,700 to $100,000 range.

Nevertheless, liquidations of short positions, totaling $55 million, have spurred upward momentum.

Experts believe that Bitcoin reaching $99,000 could trigger another wave of liquidations, creating the necessary force to push Bitcoin’s spot price above six figures.

Seems it is all systems go for Bitcoin to hit $100k

In an interview with Cointelegraph, Samson Mow, CEO of JAN3, envisions Bitcoin surpassing $100,000 as a turning point, ushering in what he calls the “Omega candle” era, characterized by daily price moves in increments of $10,000 or more.

Mow ties his growth projection to systemic issues like spiraling global debt and diminishing trust in fiat currencies, which could accelerate Bitcoin adoption.

On-chain data supports this narrative, showing a surge in social media discussions about Bitcoin’s price movements and improved relative strength index (RSI) levels, signaling strong buyer control.

Technical analysts highlight $97,000 and $98,300 as pivotal levels for Bitcoin to break through the $100,000 resistance.

Historical trends add to the optimism.

Bitcoin, often declared “dead” by skeptics—415 times according to Bitcoindeaths—has consistently defied odds, delivering exponential returns.

With the global money supply (M2) projected to grow significantly by 2026, analysts like Jamie Coutts foresee Bitcoin capturing a substantial share, potentially driving its price to $132,000 in the current cycle.

The growing demand for Bitcoin is another critical factor driving market optimism.

The cryptocurrency’s market cap has reached a record $1.94 trillion, fueled by institutional investments and increased interest following the approval of spot Bitcoin ETFs at the beginning of the year.