Bitcoin has gained 6.5% since its Dec. 23 low of $92,458, but has failed to break the $98,000 resistance level.

Bitcoin futures are trading 12% above spot prices, indicating strong demand.

Traditional financial markets have supported Bitcoin’s rise above $98,000.

Bitcoin’s 64% correlation with the S&P 500 attributes its performance to economic trends.

On OKX, the Bitcoin long-short spread is at 25x.