Bitcoin Futures Data Aligns with Traders' Hopes for New All-Time Highs

Bitcoin is less than 5% away from reaching new all-time highs, and BTC futures markets appear ready to support that surge.

Key points:

Buying Bitcoin in spot and futures markets helped the price of BTC maintain its upward momentum despite margin liquidations of $170,000,000.

Weak demand for stablecoins in China and limited leverage use in futures suggest that the current Bitcoin rally is sustainable.

The price of Bitcoin BTC94,311 € has shown strength at the support level of $102,000 on May 19, following leveraged position liquidations of $170,000,000. The abrupt $5,000 correction after reaching $107,090 may have been unexpected, but it does not mean that the odds of reaching an all-time high in the short term are lower, especially since Bitcoin derivative metrics have shown resilience.

The annualized one-month futures premium for Bitcoin remained close to 6% despite testing the $102,000 support. This current level is within the neutral range of 5% to 10%, which has been the norm over the past week. Although at first glance these data might suggest a lack of optimism, at the same time they demonstrate that buying pressure is coming from the spot market rather than leveraged bets.