1. Summary:
Bitcoin has experienced a recent rally, with derivatives data suggesting a potential push towards $105,000. Despite failing to surpass the $98,000 resistance level, traders remain confident following a correction from an all-time high. Strong demand for leveraged long positions and a discount on put options compared to call options indicate bullish sentiment. Factors such as recovering traditional markets, increased US Treasury yields, and expectations for economic outcomes impact Bitcoin’s performance and outlook.
2. Key insights:
– Bitcoin has seen a rally with potential to surpass $105,000, as indicated by derivatives data.
– Strong demand for leveraged long positions and a discount on put options suggest bullish sentiment.
– Factors like recovery in traditional markets, increased US Treasury yields, and expectations for economic outcomes impact Bitcoin’s performance.
– Margin markets and derivatives data both indicate bullish momentum, despite record outflows from BlackRock’s IBIT ETF.
– Confidence in Bitcoin reaching $105,000 is reinforced by resilience shown during a retest of the $92,458 level.
