Bitcoin (BTC) Hovers Near the $100,000 Mark as On-Chain Data Indicates Increased Demand

Particularly, open interest in Bitcoin futures on the Chicago Mercantile Exchange (CME) has reached record-breaking levels, exceeding 40,000 contracts

On-chain data shows a rising demand for Bitcoin (BTC) as the pioneer cryptocurrency edges closer to the $100,000 price point, a move that could act as a catalyst for achieving the six-figure valuation.

In particular, open interest in Bitcoin futures on the Chicago Mercantile Exchange (CME) has reached record-breaking levels, Surpassing 40,000 contracts for the first time in history, according to data by Bloomberg shared by financial commentary platform The Kobeissi Letter in an X post on November 29.

The total number of outstanding contracts for Bitcoin futures has doubled since the start of 2024.

To put this momentum into perspective, open interest at Bitcoin’s previous all-time high in November 2021 was only around 17,000 contracts—about 58% lower than current levels.

“Demand for Bitcoin is through the roof. <…> This comes as Bitcoin’s market cap has reached a record $1.94 trillion. Investors are continuing to pile into Bitcoin,” the platform noted.

One potential source of this demand could be institutional investors, who have shown an increasing interest in the asset following the approval of the spot exchange-traded fund (ETF).

Bulls are likely to view this demand as a possible driver of the asset’s reaching a new all-time high amid the sustained post-election rally.

Bitcoin’s price push to $100,000

Moreover, the push toward $100,000 is supported by technical indicators and other bullish on-chain metrics. Prominent on-chain analyst Ali Martinez noted in an X post on November 29 that there has been chatter on social media about Bitcoin pulling back after reclaiming the $95,000 level.

However, he pointed out that Bitcoin could push higher toward the $100,000 resistance, adding that markets often do the opposite of what the crowd expects and could even see the asset breach this level.

Meanwhile, trading expert Michaël van de Poppe stressed on the same date that it is edging closer to a new all-time high based on Bitcoin’s recent momentum.

According to his chart analysis, Bitcoin needs to confirm the much-anticipated price milestone by holding above $97,000. Similarly, as reported by Finbold, another analyst considers Bitcoin reclaiming $98,300 as the key to reaching $100,000.

The current bullish momentum, backed by rising volume and an improving relative strength index (RSI), suggests buyers are firmly in control, further validating the possibility of more upside.

Bitcoin price analysis

At press time, Bitcoin is trading at $98,510, having rallied nearly 3% in the last 24 hours. In the weekly timeframe, BTC is up by less than 0.1%.

Based on recent price movements, Bitcoin’s momentum can be considered healthy in its pursuit of an all-time high. Therefore, the pioneer cryptocurrency needs to maintain its valuation above $98,000 to have a realistic opportunity to surge further.

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