CME Bitcoin futures touched $100,000 twice within a week, the market is paying attention to the follow-up trend of spot prices

According to Cointelegraph, the Bitcoin futures price on the Chicago Mercantile Exchange (CME) broke through the $100,000 milestone for the second time yesterday after first touching it on November 22. The spot price of Bitcoin has not yet reached $100,000 and analysts believe this trend could drive up spot prices. Data also shows that there are over 40,000 outstanding contracts for CME's Bitcoin futures. As of Thanksgiving holiday on November 28th, CME's Bitcoin futures trading volume was $12.3 billion USD. Due to strong spot buying on Coinbase during Thanksgiving break, the price difference (or "Coinbase premium") between BTC/USD and Bitcoin spot prices on Binance exceeded $200.

In addition, CoinGlass data indicates that bulls need to push the price of bitcoin up to $99,000 in order to trigger a liquidation cascade for the next round which would generate enough momentum needed to push BTC spot prices above $100,000.