Originally published on: November 29, 2024
Bitcoin futures on the Chicago Mercantile Exchange (CME) hit $100,200 on Nov. 29 for the second time in a week, marking a significant milestone in the cryptocurrency market. Despite this achievement, Bitcoin’s spot price of $97,139 has yet to reach the coveted $100,000 mark.
The Kobeissi Letter reported that CME Bitcoin futures open interest exceeded 40,000 contracts, with trading volumes reaching $12.3 billion before the Thanksgiving holiday. Following the holiday, trading volumes spiked during the European and New York sessions, indicating growing interest in Bitcoin futures.
While CME BTC futures have reached $100,200, the spot price of Bitcoin continues to face resistance near the $100,000 level. Traders are observing a strong spot bid on Coinbase, with a significant spread between the BTC/USD price and the spot price on Binance.
Noted trader Horse described the $100,000 level as a “fortress,” suggesting that the market sees significant selling pressure each time Bitcoin approaches this milestone. As shown in the chart, Bitcoin’s price struggles against a wall of asks near $100,000, with leverage trading on platforms like Bybit and Binance reflecting traders’ desire to push the price higher.
Liquidations in the futures market have also impacted Bitcoin’s price action, with approximately $55 million in short positions being closed on Nov. 30. Data from CoinGlass indicates that bulls may need to push Bitcoin’s price to $99,000 to trigger a liquidation cascade that could propel the spot price above $100,000.
As investors closely monitor Bitcoin’s price movements, the market remains uncertain about whether BTC will break through the $100,000 barrier. Stay tuned for more updates and insights on the cryptocurrency market.
