Record-Breaking Bitcoin Rally Post-Trump Victory Begins To Cool In Derivatives Trading, What’s Next?
Bitcoin's price has retreated below $90,000, showing signs of a slowdown after a significant rally following Donald Trump's election victory. The premium for CME-listed Bitcoin futures has decreased, indicating a shift in market sentiment. The basis between futures and spot prices has dropped to around 10%, down from 13%-16%. Bitcoin is currently trading at $87,970, down from an all-time high of $93,462. Liquidations of long positions totaled $447 million in the past 24 hours, compared to $207 million for bearish bets. Profit-taking is contributing to the downturn as Bitcoin nears the $90,000 mark, a significant level for call options. Renewed trader interest is evident with rising funding rates for perpetual futures and increased optimism among options traders for higher strike prices. The market is closely watching whether Bitcoin can surpass the $90,000 resistance level as November options expiry approaches.
