CME Bitcoin Futures Turns Mega Bullish, BTC Price Rally To $45,000 In Play

Varinder Singh
November 25, 2023
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Analysts Prediction Amid Bitcoin Price Rally

BTC price surpassed the $38,000 level for the first time since May 2022 as Bitcoin bulls held strongly this month. The Bitcoin futures trading on CME continued to rise and surpassed the world’s largest crypto exchange Binance, indicating massive demand from institutional investors. CME Bitcoin futures has now turned bullish for a rally past $40,000.

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CME Bitcoin Futures Suggest Rally To $40,000

Bitcoin bulls continue to push BTC price upside as the market sentiment improves after the delivery of the monthly options. Retail and institutional investors are now more confident about BTC price hitting $40,000 and closing the year near $45,000.

CME Front Contract Premium percent to Coinbase spot at an all-time high amid positive sentiment. CME Bitcoin futures traded at a high of $39,300 at one point in the last 24 hours, almost a $1,000 premium to the spot price. It happens as futures and options traders remain bullish on Bitcoin.

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Improved market and bullish sentiment from institutional investors ETFs like ProShares’ BITO, which invests in CME-listed bitcoin futures, contributes to the premium.

Meanwhile, CME Bitcoin Futures Open Interest Market Share Percent has also hit higher, reaching almost 30%. It follows as Bitcoin and former CEO CZ agreed to federal criminal charges and pay $4.3 billion in settlement with U.S. authorities.

Moreover, it indicates institutional investors remain bullish and continue to make bets on Bitcoin. Crypto funds inflow has significantly increased in the last few weeks, with Bitcoin driving the crypto market to rally higher.

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Also Read: Crypto Market Continues Rally With BTC, Pepe Coin, SEI Rising

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BTC Price Gains Strength

BTC price jumped 2% in the past 24 hours, with the price currently trading at $37,818. The 24-hour low and high are $37,369 and $38,415, respectively. Furthermore, the trading volume has increased by 70% in the last 24 hours, indicating a rise in the interest of traders.

This surge is attributed to various factors, with a significant contributor being the top 100 largest Tether (USDT) addresses, which have collectively added $1.67 billion in the past six months. This confirms an upcoming rally backed by positive sentiment and higher trading volumes.

Matrixport research predicted that Bitcoin price would hit $45k in 2023 and $125K by December 2024 after a massive post-halving rally.

Also Read: BLUR & Blast Founder Responds to Rumors of Ponzi Scheme, Addresses Security Concerns

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.