blockchainreporter.net
The Bitcoin ($BTC) price reached a record $89,700 due to market forces of demand and institutional buying. This is the cryptocurrency’s largest daily dollar gain, backed by optimism across the market. This new ATH has sparked much speculation in the crypto market as the whole crypto community is now eyeing the next move of $BTC price surge to hit $100K and crypto market trends.
#Bitcoin’s options market is seeing a surge in activity, driven by increasing institutional participation and rising prices.
— Nexo (@Nexo) November 16, 2024
This shift is reflected in record-high open interest and a skew toward higher strike prices, signalling expectations of continued upward momentum.
This… pic.twitter.com/IvbEdtM8xP
Institutional Inflows Bolster Market Activity
The Spot Bitcoin ETFs particularly showed over $2.2 billion in inflows within the past week, which underlines the optimistic forecast. Furthermore, trading volumes were over $140 billion daily, highlighting Bitcoin ($BTC) as a strategic asset. Market participants from the institutional sector have raised their work levels more and affirmatively made Bitcoin adhere to become a proper form of reserve currency.
Following a slight dip to $86,000, Bitcoin found potential support, stabilizing just under $88,000. This resilience and ongoing institutional interest set a promising stage for further gains. Options traders are increasingly targeting the $100,000 level, with market fundamentals suggesting this goal is achievable.
Bitcoin ($BTC) Price Movement
Bitcoin (BTC) price started at $89,360, followed by a significant upward movement peaking close to $91,500. At the time of writing, $BTC is trading at $90,531.50, marking a 1.36% gain. The market cap rose to $1.79 trillion, while the 24-hour trading volume was $58.19 billion, reflecting strong trading activity despite a 27.75% decline in volume.
The Relative Strength Indicator (RSI) is at 76.50, indicating overbought conditions and the potential for a pullback. Meanwhile, the MACD indicator shows bullish momentum, with the MACD line significantly above the signal line, confirming the strong upward price movement.