On Nov. 29, Bitcoin futures on the Chicago Mercantile Exchange (CME) rose to $100,200 for the second time in seven days after initially hitting the milestone on Nov. 22.
Bitcoin’s (BTC) spot price has yet to reach $100,000, but the cryptocurrency shows promise as it briefly hit an intraday high at $98,600 before selling off.
Bitcoin price hits $100,000 at CME futures. Source: Bitcoin Archive/X
According to The Kobeissi Letter, Bitcoin futures open interest on CME surpassed 40,000 contracts, and prior to the Nov. 28 Thanksgiving holiday, CME Bitcoin futures volumes were at $12.3 billion.
The Kobeissi Letter. Source: The Kobeissi Letter/X
Trading volumes surged in the European and New York sessions after United States stock markets were closed on Nov. 28 in observance of the Thanksgiving holiday. A strong spot bid can be observed on Coinbase, where the spread, or “Coinbase premium,” between the BTC/USD price and Bitcoin spot price on Binance has exceeded $200.
Related: BTC price: $100K 'in sight' as open interest reset boosts Bitcoin bulls
Despite the CME BTC futures hitting $100,200 and Bitcoin’s spot price making an effort to achieve the same result, consistent selling near the six-figure market continues to hamper the effort.
Popular crypto and stocks trader Horse described the $100,000 level as “a fortress” and said that “each time we trade close, I imagine some of that positioning takes early exits at market.”
Bitcoin exchange orderbook flow. Source: Horse/X
As shown in the chart below, Bitcoin’s price pulls back as it taps into the thick red wall of asks that extend from $99,700 to $100,000 and above. Alongside the strong spot bid at Coinbase, the use of leverage at Bybit and Binance reflects traders’ desire to push BTC over the $100,000 level.
BTC/USD 4-hour chart. Source: TRDR.io
Liquidations in the futures market have also played a role in the Nov. 30 Bitcoin price action, where roughly $55 million in short positions have been forced closed.
Bitcoin exchange liquidation map. Source: CoinGlass
Given the robust selling near $100,000, data from CoinGlass suggests that bulls will need to press Bitcoin’s price to $99,000 to trigger the next liquidation cascade that could generate the force needed to take BTC spot price above $100,000.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.