Bitcoin price today: $97,400
- Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000.
- BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
- On-chain data shows the current BTC bull market resembles that of 2020.
Bitcoin (BTC) price extends bullish momentum and reaches a new all-time high of $97,852 on Thursday, currently trading above $97,400, just 2.66% from the $100K mark. BTC futures have already surged past the $100,000 price mark on Deribit, indicating confidence among investors while whales still accumulate BTC.
On-chain data shows that the current BTC bull market resembles that of 2020, suggesting that Bitcoin still has room for higher prices.
Bitcoin futures market surges above $100K
Professional-grade cryptocurrency derivatives platform Deribit shows that BTC’s three out of seven futures contracts trade higher than $100,000. Contracts expiring on March 28, 2025, trade at $101,992, a premium of nearly 5% to the average spot price of $97,400. The pricing reflects investors’ confidence that the spot price will remain well above $100,000 through the end of March and beyond.
3/7 above $100K. Only a matter of time before we reach 7/7.$BTC just hit an all-time high and is now sitting comfortably above $97K—how far can this momentum take us? pic.twitter.com/VyJTI9mzda
— Deribit (@DeribitExchange) November 21, 2024
In addition to the futures market, the recent launch of the Bitcoin ETF options supports the ongoing rally. BlackRock launched its BTC spot ETF options (IBIT) on Tuesday, followed by Grayscale introducing its Bitcoin ETF options on Wednesday. This market response will likely attract new investor cohorts and enable diversified trading strategies, which could help reduce volatility and downside risk, solidifying Bitcoin’s place in mainstream markets. Other BTC spot ETFs, such as the Fidelity Wise Origin Bitcoin Fund (FBTC), are expected to have options listed soon, according to digital assets firm QCP Capital.
The ongoing rally is further fueled by whale accumulation. Lookonchain data shows that a whale wallet has accumulated 3,289 BTC worth $302 million from Binance in the past two days and currently holds 25,010 BTC, valuing $2.37 billion. Additionally, the Data Nerd also shows another whale accumulated a total of 1,109 BTC worth $104.39 million from Binance and Coinbase exchanges on Wednesday and currently holds 2,219 BTC worth $212.41 million.
Whales continue to accumulate $BTC!
— Lookonchain (@lookonchain) November 21, 2024
This whale has accumulated 3,289 $BTC($302M) from #Binance in the past 2 days and currently holds 25,010 $BTC($2.37B).https://t.co/8mNHj6aKqY pic.twitter.com/bn2HelylWC
Optimism in crypto markets is widespread after the victory of crypto-friendly candidate Donald Trump in the US presidential election and his supporting stance for cryptocurrencies has fueled the ongoing rally.
“Trump’s Cabinet picks are turning heads, especially with crypto-friendly names like Elon Musk, chosen to lead the newly created Department of Government Efficiency (DOGE), and Pete Hegseth, nominated for Secretary of Defense. Hegseth, a vocal advocate for Bitcoin’s decentralized value, has even pledged to hold, not sell, his Bitcoin holdings.”, says QCP’s report on Wednesday.
QCP’s analyst continued, “With Republicans securing control of the Senate, most nominees are expected to sail through confirmation. Trump aims to finalize his Cabinet picks by Thanksgiving, just a week away. These selections highlight an alignment between the new administration and the growing influence of digital assets in policy and finance.”
Bitcoin bull market signals emerge as on-chain data mirrors 2020 trends
Crypto analytics company CryptoQuant data shows that the current bull market is starting, with on-chain data resembling 2020.
The graph below shows that the bull rally in the last Bitcoin halving cycle in 2020 began in Q4; if history repeats, whales won’t let Q4 be boring.
-638677813486814443.png)
Bitcoin Cumulative Return index on halving years chart. Source: CryptoQuant.
Mining costs doubled after the halving, and the price needs to increase to maintain mining profitability. Since the May 2020 halving, mining costs doubled, yet a parabolic bull run ensued, covering these costs and achieving profitability; a similar move could be expected in the current cycle.
Bitcoin Mining Density chart. Source: CryptoQuant
Bitcoin Price Forecast: Inches away from the $100K mark
Bitcoin price hit a new all-time of $97,852 on Thursday and is currently trading above $97,400. If BTC continues its upward momentum, it could extend the rally to retest the significant psychological level of $100,000.
However, the Relative Strength Index (RSI) momentum indicator stands at 80, signaling overbought conditions and suggesting an increasing risk of a correction. Traders should exercise caution when adding to their long positions, as the RSI’s move out of the overbought territory could provide a clear sign of a pullback.
BTC/USDT daily chart
If Bitcoin faces a pullback, it could decline to retest its key psychological level of $90,000.
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin: Holds $105K mark as MicroStrategy adds 11,000 BTC, Trump pardons Silk Road creator Ulbricht
Bitcoin price trades around $105,000 on Wednesday after rebounding from the $100K support level the previous day. Michael Salyor’s MicroStrategy announced on Tuesday that it has acquired 11,000 BTC worth $1.1 billion, and President Donald Trump pardoned Silk Road creator Ross Ulbricht.
World Liberty Financial adds $47 million of ETH and wBTC each to celebrate Trump’s inauguration
Donald Trump-backed DeFi platform World Liberty Financial (WLFI) added $47 million of wrapped Bitcoin (wBTC) and Ethereum (ETH) each to celebrate Trump’s inauguration as the 47th President of the United States on Monday.
Top 5 made in USA altcoins tackle uncertainty on Trump’s return: XRP, Solana, Cardano, Chainlink, Avalanche
Crypto market capitalization of altcoins developed in the U.S. crossed $544.15 billion on Wednesday, January 22. Among cryptocurrencies trending in the U.S., XRP, Solana, Cardano, Chainlink, and Avalanche have gained in the past 24 hours, per CoinGecko data.
President Donald Trump plans $500 billion in AI infrastructure with OpenAI, SoftBank and Oracle
President Donald Trump announced a “Stargate” project for $500 billion in investment to advance the US AI infrastructure. The project will deploy an initial investment of $100 billion, scaling up to $500 billion, to establish advanced data centers and infrastructure in Texas.
Bitcoin: BTC rallies above $102,000 ahead of Trump’s inauguration
BTC's price continues to trade in the green, trading above $102,000 at the time of writing on Friday after rallying more than 7% this week. Recent US macroeconomic data released this week supported the rise of risky assets like BTC.
Trusted Broker Reviews for Smarter Trading
VERIFIED Discover in-depth reviews of reliable brokers. Compare features like spreads, leverage, and platforms. Find the perfect fit for your trading style, from CFDs to Forex pairs like EUR/USD and Gold.