Analysis: Bitcoin futures data suggests it may reach a new high again

ChainCatcher news, according to Cointelegraph, despite a $170 million margin liquidation, the buying support in the spot and futures markets has propelled BTC prices upward. The weak demand for stablecoins in China and limited use of futures leverage indicate that the current rise in Bitcoin is sustainable.

Although the surge in Japanese government bond yields and concerns about credit risk once affected market sentiment, Bitcoin prices showed resilience at the $102,000 support level on May 19. Meanwhile, a slight discount in USDT trading in China suggests that this round of increases is not driven by FOMO sentiment. The absence of excessive leverage in the Bitcoin futures market and the lack of panic inflows in the Chinese market are key factors for the sustained price increase, paving the way for stronger bullish momentum to break above $105,000.