Cryptocurrency research firm K33 Research claims that Bitcoin has surpassed the $100,000 mark once again with strong momentum, and this increase is based on a stronger foundation, unlike previous breakout attempts.
According to the report, the fact that there are currently no signs of overheating in the derivatives market and the overall market sentiment remains cautious could pave the way for a more sustainable bull run and open the door to new record highs.
Bitcoin returned to six-figure levels last week with a 9% increase. According to K33 Research, this increase was supported by broad spot demand and balanced positioning. Spot volume surged 51% week-over-week, averaging $3.9 billion per day. However, while this increase in volume is notable, the trading depth remains limited compared to previous periods when Bitcoin exceeded $100,000.
K33 Research believes that the market weakness in May was due to the impact of 'the decline of price-boosting catalysts, holiday season, and tax season' and notes that this summer will be different. The report states, 'This summer, the strategy of 'hold, don't sell in May' may prove effective.'
On the other hand, K33 stated that a strategy named 'Trump Trade' has been effective in driving the market's rise. The report says, 'Trump's policies are the main driving force behind the market. His supportive rhetoric and actions towards cryptocurrency seem to create upward pressure on the market.'