Bitcoin is currently positioned less than 5% away from reaching new all-time highs, supported by robust buying in both the spot and futures markets, despite a substantial $170 million in margin liquidations. The price has shown strength at the $102,000 support level, following a brief correction to $107,090. Analysts believe that the recent rally is sustainable, highlighted by a one-month futures annualized premium remaining close to 6%, indicating strong spot market buying rather than stress from leveraged positions. Global economic concerns, particularly surrounding Japan’s fiscal situation and rising bond yields, have introduced additional caution; however, Bitcoin has maintained its support amid these challenges. The demand for stablecoins in China, trading at a slight discount, suggests that the recent price gains have not sparked excessive speculation. The overall resilience of Bitcoin's price alongside healthy derivatives metrics indicates potential for further upward movement toward new highs.

Source 🔗