A survey by cryptocurrency research firm K33 said Bitcoin has once again surpassed the $100,000 level with a strong momentum, and the rise is based on a healthier foundation, unlike previous breakouts.
The report says that there are no signs of overheating in the derivatives market at the moment and the fact that public market sentiment remains cautious could open the way for a more sustainable gathering and open the door to a new all-time high.
Bitcoin rose 9% last week to return to six-digit levels. According to a study by K33, this rise is supported by widespread spot demand and balanced positioning. Spot volume increased 51% each week, reaching an average of $3.9 billion per day. However, this volume increase is notable, but the depth of trading is still limited compared to the period when Bitcoin was previously over $100,000.
K33’s study noted that market weakness in May was due to the effects of “decreased rise catalysts, holiday season, tax season” and that this summer was different. “This summer, a strategy that has not been sold in May could pay off.”
Meanwhile, K33 said that a strategy called the “Trump Trade” is effective behind the market rise. “Trump’s policy is a major factor in the market. His custody rhetoric and movements appear to be putting upward pressure on the market,” the report said.
*This is not investment advice.
