K33 Research: Bitcoin Rally to $100K Looks Sustainable, Fueled by Spot Demand and Trump Trade

Unlike earlier spikes, this move shows no signs of overheating in the derivatives market, and overall investor sentiment remains cautious, suggesting a stronger foundation for long-term growth.

The report highlights that BTC’s latest climb, a 9% increase last week, is being driven by a robust spot market demand and balanced positioning rather than leveraged speculation. Daily spot trading volume jumped 51% week-over-week, averaging $3.9 billion, a strong indicator of genuine market interest. However, K33 noted that market depth remains thinner than during previous all-time highs.

K33 analysts believe that the typically weak month of May, often plagued by post-tax season sluggishness and a lack of bullish catalysts, might defy expectations this year. “This summer could reward those who hold rather than sell in May,” the report states, implying potential upside ahead.

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One key driver behind the rally, according to K33, is the so-called “Trump Trade.” The firm points to Donald Trump’s pro-crypto rhetoric and policy positions as a tailwind for market confidence. With expectations rising that a Trump administration could ease regulatory pressure on the crypto industry, K33 suggests that political developments are playing a central role in Bitcoin’s renewed momentum.

Altogether, the combination of strong spot demand, calm derivatives activity, and a supportive political backdrop could set the stage for Bitcoin to explore new all-time highs in the coming months.

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