TL;DR
- Bitcoin hits new all-time high of $97,777 driven by high demand.
- Open interest in derivatives surpasses $60 billion, marking a 50% increase.
- Exchange reserves are declining, indicating a possible supply shortage.
Bitcoin has marked a new all-time high of $97,777, cementing its position as the leading digital asset amid strong market optimism.
This rally has been supported by rising demand and record open interest in derivatives markets, which has reached $60 billion, representing a significant increase in leverage compared to previous years.
According to data originally reported by CoinGlass and other industry sources, this behavior reflects a notable shift in market dynamics.
The current movement also shows a continued decline in Bitcoin reserves on exchanges, a phenomenon that is related to the behavior of long-term holders, who are transferring their assets to cold wallets.
This pattern suggests the possibility of a supply shortage as liquid supply shrinks, which could further reinforce price increases. However, it is not all stability, as selling pressure from traders looking to take profits is balancing the market at this stage.
Activity in derivatives markets is playing a central role in this rally, with platforms such as Binance, CME and Bybit leading the participation.
The ratio of open interest to market cap has reached 3.3%, up from the 2.2% seen at Bitcoin’s previous all-time high of $69,000.
This growth in leverage could increase the risk of mass liquidations in the event of significant corrections.
Bitcoin Nears $100,000: Stability Under Test
As Bitcoin approaches the psychological threshold of $100,000, the market faces a crucial moment.
Profit-taking by some investors could lead to temporary setbacks, with analysts suggesting possible drops to $78,000 if demand fails to absorb selling pressure.
Despite this, the behavior of long-term holders indicates confidence in continued growth. Declining exchange reserves are creating a favorable environment for price appreciation, with less supply available for trading.
This phenomenon has been observed in previous cycles, but the current systematic decline is more pronounced and points to a different dynamic in this bull market.
On the technical charts, Bitcoin is showing consolidation in the range of $90,366 to $92,500, with indicators such as the MACD and the Money Flow Index signaling a pause in the bullish momentum.
Still, the market remains positive, and any correction could be seen as a buying opportunity for those confident of reaching new heights.
If demand continues to balance selling pressure, Bitcoin could surpass $100,000, marking a historic milestone in its trajectory.
