Cryptocurrency research firm K33 Research stated that Bitcoin has surpassed the $100,000 level again with strong momentum and that this rise is based on healthier foundations, unlike previous breakouts.
According to the report, the fact that there are currently no signs of overheating in derivatives markets and that general market sentiment remains cautious could pave the way for a more sustainable rally and open the door to new all-time highs.
Bitcoin returned to six-figure levels last week with a 9% increase. The rise is supported by broad-based spot demand and balanced positioning, according to K33 Research. Spot volume increased 51% on a weekly basis, reaching an average of $3.9 billion per day. However, while this volume increase is remarkable, the depth of trading is still limited compared to the periods when Bitcoin previously exceeded $100,000.
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K33 Research attributed the market weakness in May to the effects of “the decline of upside catalysts, the holiday season and tax season” and noted that this summer will be different. The report stated, “This summer, a ‘hold, not sell in May’ strategy may pay off.”
On the other hand, K33 said that the strategy called “Trump Trade” was effective behind the rise in the markets. The report said, “Trump’s policies are the main driver of the markets. His pro-crypto rhetoric and moves seem to create upward pressure on the markets.”
*This is not investment advice.