Bitcoin continues to break new records, surpassing $93,000 for the first time in history. However, the price quickly corrected back to $90,000, possibly due to profit-taking pressure from investors, including some miners.
CryptoQuant research director Julio Moreno noted that some Bitcoin miners started selling on November 12, although activity remained at a normal level. This trend is evident when looking at wallets holding 100 BTC or more.
However, four key indicators show that Bitcoin’s growth momentum remains solid, including derivatives data and the outlook for the US dollar.
As US Treasury yields rise, this suggests that investors are expecting higher returns from these fixed-income securities. In simple terms, this means that bondholders expect higher inflation or increased government spending, both of which reduce the value of Treasury bonds. In any case, the rise in yields reflects a decline in confidence in the US financial position.
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Some investors have suggested that the recent appreciation of the US dollar against other major currencies such as the euro, Japanese yen, and Swiss franc could negatively impact the price of Bitcoin. However, this inverse relationship has not been the case in the past few days.
This year, there has been a lot of speculation about Bitcoin, with many analysts optimistic that the price of BTC could surpass the $100,000 mark.
