Bitcoin

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On Nov. 29, Bitcoin futures on the Chicago Mercantile Exchange (CME) rose to $100,200 for the second time in seven days after initially hitting the milestone on Nov. 22. 
Bitcoin’s (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) spot price has yet to reach $100,000, but the cryptocurrency shows promise as it briefly hit an intraday high at $98,600 before selling off.
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 <img alt="Bitcoin Price, Markets, Bitcoin Futures, CME, Futures, Market Update" src="https://s3.cointelegraph.com/uploads/2024-11/01937907-bd6e-73a4-88d8-e18167d46a3b" title="">
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 Bitcoin price hits $100,000 at CME futures. Source: <a data-ct-non-breakable="null" href="https://x.com/BTC_Archive/status/1862537704409280738" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/BTC_Archive/status/1862537704409280738">Bitcoin Archive</a>/X
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According to The Kobeissi Letter, Bitcoin futures open interest on CME surpassed 40,000 contracts, and prior to the Nov. 28 Thanksgiving holiday, CME Bitcoin futures volumes were at $12.3 billion.&nbsp;
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 <img alt="Bitcoin Price, Markets, Bitcoin Futures, CME, Futures, Market Update" src="https://s3.cointelegraph.com/uploads/2024-11/01937906-2513-70e4-868c-4e9205cbaec0" title="">
 <figcaption style="text-align: center;">
 The Kobeissi Letter. Source: <a data-ct-non-breakable="null" href="https://x.com/KobeissiLetter/status/1862493046341792132" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/KobeissiLetter/status/1862493046341792132">The Kobeissi Letter</a>/X
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Trading volumes surged in the European and New York sessions after United States stock markets were closed on Nov. 28 in observance of the Thanksgiving holiday. A strong spot bid can be observed on Coinbase, where the spread, or “Coinbase premium,” between the BTC/USD price and Bitcoin spot price on Binance has exceeded $200.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/btc-price-100k-in-sight-open-interest-reset-bitcoin-bulls" rel="" target="_self" text="null" title="https://cointelegraph.com/news/btc-price-100k-in-sight-open-interest-reset-bitcoin-bulls">BTC price: $100K 'in sight' as open interest reset boosts Bitcoin bulls</a>
Despite the CME BTC futures hitting $100,200 and Bitcoin’s spot price making an effort to achieve the same result, consistent selling near the six-figure market continues to hamper the effort.&nbsp;
Popular crypto and stocks trader Horse described the $100,000 level as “a fortress” and <a data-ct-non-breakable="null" href="https://x.com/TheFlowHorse/status/1862519348469825709" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/TheFlowHorse/status/1862519348469825709">said</a> that “each time we trade close, I imagine some of that positioning takes early exits at market.”&nbsp;
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 <img alt="Bitcoin CME futures hit $100K for the second time in a week: Will BTC spot price follow?" src="https://s3.cointelegraph.com/uploads/2024-11/019378e4-c758-7630-ad31-3e619e5c845c" title="">
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 Bitcoin exchange orderbook flow. Source: <a data-ct-non-breakable="null" href="https://x.com/TheFlowHorse/status/1862519348469825709" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/TheFlowHorse/status/1862519348469825709">Horse</a>/X
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As shown in the chart below, Bitcoin’s price pulls back as it taps into the thick red wall of asks that extend from $99,700 to $100,000 and above. Alongside the strong spot bid at Coinbase, the use of leverage at Bybit and Binance reflects traders’ desire to push BTC over the $100,000 level.&nbsp;
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 <img alt="Bitcoin CME futures hit $100K for the second time in a week: Will BTC spot price follow?" src="https://s3.cointelegraph.com/uploads/2024-11/019378ea-c7ed-735e-b9f7-7163e82b5177" title="">
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 BTC/USD 4-hour chart. Source: TRDR.io&nbsp;
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Liquidations in the futures market have also played a role in the Nov. 30 Bitcoin price action, where roughly $55 million in short positions have been forced closed.&nbsp;
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 <img alt="Bitcoin CME futures hit $100K for the second time in a week: Will BTC spot price follow?" src="https://s3.cointelegraph.com/uploads/2024-11/019378ec-242d-7ff2-9ab7-978417a72b43" title="">
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 Bitcoin exchange liquidation map. Source: CoinGlass
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Given the robust selling near $100,000, data from CoinGlass suggests that bulls will need to press Bitcoin’s price to $99,000 to trigger the next liquidation cascade that could generate the force needed to take BTC spot price above $100,000.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin CME futures hit $100K for the second time in a week: Will BTC spot price follow?

Cointelegraph

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