Bitcoin (BTC) Price Hits $100,000 at CME Futures

On Nov. 30, Bitcoin futures on the Chicago Mercantile Exchange (CME) rose to $100,200 for the second time in seven days

Bitcoin futures on the Chicago Mercantile Exchange (CME) hit $100,200 for the second time in seven days on Nov. 30, seven days after initially hitting the milestone on Nov. 22.

Bitcoin’s BTC spot price has yet to reach $100,000, but the cryptocurrency shows promise as it briefly hit an intraday high at $98,600 before selling off.

Bitcoin price hits $100,000 at CME futures. Source: Bitcoin Archive/X

According to The Kobeissi Letter, Bitcoin futures open interest on CME surpassed 40,000 contracts, and prior to the Nov. 29 Thanksgiving holiday, CME Bitcoin futures volumes were at $12.3 billion.

The Kobeissi Letter. Source: The Kobeissi Letter/X

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Trading volumes surged in the European and New York sessions after United States stock markets were closed on Nov. 29 in observance of the Thanksgiving holiday. A strong spot bid can be observed on Coinbase, where the spread, or “Coinbase premium,” between the BTC/USD price and Bitcoin spot price on Binance has exceeded $200.

Related: BTC price: $100K 'in sight' as open interest reset boosts Bitcoin bulls

Despite the CME BTC futures hitting $100,200 and Bitcoin’s spot price making an effort to achieve the same result, consistent selling near the six-figure market continues to hamper the effort.

Popular crypto and stocks trader Horse described the $100,000 level as “a fortress” and said that “each time we trade close, I imagine some of that positioning takes early exits at market.”

Bitcoin exchange orderbook flow. Source: Horse/X

As shown in the chart below, Bitcoin’s price pulls back as it taps into the thick red wall of asks that extend from $99,700 to $100,000 and above. Alongside the strong spot bid at Coinbase, the use of leverage at Bybit and Binance reflects traders’ desire to push BTC over the $100,000 level.

BTC/USD 4-hour chart. Source: TRDR.io

Liquidations in the futures market have also played a role in the Nov. 30 Bitcoin price action, where roughly $55 million in short positions have been forced closed.

Bitcoin exchange liquidation map. Source: CoinGlass

Given the robust selling near $100,000, data from CoinGlass suggests that bulls will need to press Bitcoin’s price to $99,000 to trigger the next liquidation cascade that could generate the force needed to take BTC spot price above $100,000.

The views, thoughts and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. This article does not contain investment advice or recommendations. Every investment and trading move carries a risk and readers should conduct their own research when making a decision.