Bitcoin Blasts Past $98,000: Is $100K Next, Or A Trap?

Key Points:

• Bitcoin has surged past $98,000, sparking debates on whether $100K is within reach or if a correction is imminent.
• Market observers highlight surging open interest and increased leverage as potential factors behind the current rally.
• Analysts caution about the possibility of a leverage-driven pump and note a gap between futures-based open interest and spot-driven purchases.
• Renowned analysts provide insights into Bitcoin’s price movements, suggesting the start of a new cycle and potential for further uptrend.
• Technical analysis indicates that a daily close above $97,700 could pave the way for a move beyond $100,000.
• Bitcoin is currently trading at $98,645, with potential for a rally towards $101,000 resistance level.