- Bitcoin surpassed $100k, driven by institutional buying and heightened derivatives activity.
- BTC was testing a key ascending triangle resistance.
Bitcoin [BTC] has smashed through the $100,000 milestone to seal a vibrant shift in cryptocurrency markets.
Institutional investors were driving this explosive growth, with sustained buying pressure from U.S. markets creating unprecedented momentum.
According to the Coinbase Premium Index, futuristic investors have a strong appetite for digital assets.
Bitcoin’s institutional interest pushes it to historic heights
Bitcoin has finally reached $100K, a defining moment in its history, driven largely by rising institutional demand.
The Coinbase Premium Index, a key indicator of U.S. investor buying pressure, shows sustained interest in the coin among large buyers. This reflects growing confidence in Bitcoin as a long-term asset.
Source: CryptoQuant
Adding to this momentum, Bitcoin derivatives’ Open Interest(OI) has increased by 12% over the last 24 hours, reaching an all-time high.
Higher OI means more liquidity and volatility in the market. This heightened activity signals investor excitement and further solidifies BTC’s current bullish trend.
Source: CryptoQuant
Technical indicators signal a bullish continuation
On the weekly chart, Bitcoin was testing a critical ascending triangle resistance level, which was previously significant during the 2021 bull run and saw two rejections.
Breaking above this resistance could signal the start of a new bullish cycle, potentially driving Bitcoin to uncharted price territories.
This potential breakout is supported by the rising OI trend, indicating that market participants are prepared for increased price volatility.
A successful breakout could invite more long positions, further adding to Bitcoin’s upward trajectory.
Source: TradingView
Bulls take a lead
Market sentiment leans bullish, as Coinglass’ Long/Short data shows that 52% of investors are holding long positions. This indicates that the the majority of market participants expect Bitcoin prices to surge further.
With the bulls in charge, the derivatives market shows clear signs of confidence in the coin’s upward momentum.
Source: Coinglass
The path ahead
The sustained buying pressure and favorable technical patterns create a compelling case for further price gains.
Read Bitcoin’s [BTC] Price Prediction 2024–2025
Bitcoin’s historic sail over $100,000 is a reflection of times of a matured market supported by institutional interest and strong technical signals.
If the current trends persist, BTC may rally to new highs and seal its position as one of the key players in the financial world.
