The breakout to new highs on Monday morning and the continued slight rise on Sunday correspond to a sustained downward trend in the CB spot premium...
This indicates that spot buying is not the main driving force behind the price increase; the rally is led by the futures market;
Similar to when the price reached 104,000 earlier, the price increase - decrease in premium represents futures buying, spot selling;
If, after the US stock market opens tonight, USD funds can ride the wave of FOMO and bring up spot demand, ending the negative premium, then this new high trend can stabilize above the 100,000 range;
If spot demand in USD is weak and the premium continues to decrease, it will sooner or later have to go back!
