Bitcoin prices are expected to break records soon, as leveraged transactions have come to a halt due to consecutive liquidations.$BTC
BTC signaled a strong return to the six-figure price action by posting its highest daily close on Dec. 11. BTC/USD closed its last daily candle at around $101,200, matching the close on Dec. 8 and becoming the highest close ever recorded.
The bulls have managed to steer clear of local lows of $94,000 from earlier in the week. “The critical level for Bitcoin remains valid,” trader, analyst, and entrepreneur Michaël van de Poppe wrote in his latest analysis on X.
“If markets remain above this level, we could see new all-time highs in the coming days.” Investors and market watchers have interpreted Bitcoin’s recent surge to $100,000 and above as evidence of continued market stability. “Bitcoin quietly achieved its highest daily close in history,” Charles Edwards, founder of Capriole Investments, wrote in a Dec. 12 X post.
“Meanwhile, funding rates are below normal, leverage has been wiped out, and ETFs continue to receive uninterrupted inflows.” Edwards noted that recent market volatility has wiped out leveraged positions.
Short positions have been under pressure during the recovery, with 24-hour crypto liquidations totaling $270 million at press time, according to data from CoinGlass. Zaheer Ebtikar, co-founder of crypto fund Split Capital, shared data that supports the easing of excessive market risk. He noted that while Bitcoin is nearing all-time highs, futures spreads are at exceptionally low levels.
“I can’t tell you how crazy this image is,” Zaheer Ebtikar wrote.
With an explanatory chart for X followers. The futures spread is the difference between spot and futures market prices, measured as a percentage of the spot price. In Bitcoin bull markets, when reaching all-time highs, this spread is often 30% or more, reflecting increased speculation about a BTC price increase.