Bitcoin has exceeded the $93,000 mark for the first time, yet some traders remain skeptical of the rally's longevity.
Bitcoin hits new record
From November 11 to 13, Bitcoin surged by 16%, surpassing the $93,000 mark for the first time. Despite this record high, some traders believe the bullish momentum could weaken as sellers, including certain Bitcoin miners, start to take profits. Julio Moreno, head of research at CryptoQuant, noted that some Bitcoin miners started taking profits, though this activity remained within normal levels.
Factors in US dollar strength
The strengthening of the US dollar against other major currencies such as the euro, yen, and Swiss franc has concerned some investors. However, this inverse relationship is no longer as crucial as before. The launch of a new $54 billion spot Bitcoin ETF further established Bitcoin as a distinct store of value.
Derivatives premium and forecasts
The Bitcoin derivatives premium shows moderate enthusiasm, considered a healthy sign amid Bitcoin's record highs. The current 13% premium indicates whale and arbitrage desk excitement, while options data suggests a healthy, neutral market.
Given the current macroeconomic conditions and a crypto-friendly US administration, the path for further Bitcoin price gains looks promising. Potential catalysts, such as Senator Lummis's proposal to increase US Treasury Bitcoin reserves, could easily propel Bitcoin's price above $100,000.