Bitcoin surged by 16% from Nov. 11 to Nov. 13, surpassing $93,000 for the first time. Despite this record high, some traders predict a potential weakening in bullish momentum as sellers, particularly some Bitcoin miners, start taking profits. Julio Moreno from CryptoQuant noted miners began profit-taking on Nov. 12, though at normal levels. Four key metrics indicate the rally remains strong, including derivatives data and US dollar trends. The increase in US Treasury yields typically signals reduced confidence in the US fiscal position, affecting Bitcoin's pricing dynamics. Additionally, while a strong US dollar often puts downward pressure on Bitcoin, this relationship is shifting due to recent market developments. The launch of a $54 billion Bitcoin ETF reinforces Bitcoin's status as a store of value. Current Bitcoin futures premiums indicate excitement in derivatives markets, and options data suggest a healthy, neutral market. Given favorable macroeconomic conditions and potential policy support from the new US administration, Bitcoin's path towards potentially exceeding $100,000 appears promising.

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