On Tuesday, Bitcoin briefly rose to over $108,000, setting a record high for the second consecutive day, while traders have set their sights on the $110,000 price level.
Since the beginning of this year, Bitcoin has risen over 150%, and traders are increasing their bets on further price increases in the options market.
Shiliang Tang, president of cryptocurrency trading firm Arbelos Markets, stated: "We see buyers purchasing call spreads for $110,000 to $120,000 and $110,000 to $125,000 that expire in January (next year), as well as raising the strike price of the call options from $100,000/$105,000 to $120,000."
The recent surge in Bitcoin prices was mainly driven by Trump's victory in the U.S. elections. Trump promised to implement policies favorable to the cryptocurrency industry upon taking office, and he previously announced the nomination of cryptocurrency supporter Paul Atkins as the next chairman of the U.S. Securities and Exchange Commission (SEC).
"Since last weekend, MicroStrategy has been allowed to be included in the Nasdaq 100 index, and the company's ongoing purchases of Bitcoin in the open market have largely benefited Bitcoin's market dominance, allowing Bitcoin to break its historical peak and attract more capital from the market," said Tang.
James Butterfill, head of research at CoinShares, pointed out that the factors driving the price increase include the U.S. election windfall, the prospect of the U.S. treating Bitcoin as a strategic reserve asset, geopolitical instability, and loose monetary policy, all of which may continue to provide support through 2025.
Recently, Trump reiterated his plan to establish a Bitcoin strategic reserve similar to the U.S. Strategic Petroleum Reserve. However, according to Polymarket's prediction, the probability of this event occurring is only 27%.
According to Chris Newhouse, head of research at Cumberland Labs, the Bitcoin market may be experiencing a new phase.
Newhouse stated: "We observed that throughout the process, funding rates were relatively neutral, while derivatives positions indicated some hesitation in the market regarding new highs. While it is difficult to predict how new catalysts—such as more structured regulation, stable compliance frameworks, or even official government holdings of Bitcoin—will be priced, the market is already prepared for a revaluation of the long-term potential of cryptocurrencies, a process far exceeding the recent rebound."#加密市场盘整 
