Bitcoin is approaching the $100,000 mark, and on-chain data suggests that there is increased demand for the cryptocurrency. Open interest in Bitcoin futures on the Chicago Mercantile Exchange (CME) has reached a record-breaking level, exceeding 40,000 contracts for the first time. This surge in demand is possibly driven by institutional investors, who have shown greater interest since the approval of the spot exchange-traded fund (ETF). Technical indicators and bullish on-chain metrics support the push towards $100,000, and analysts believe that Bitcoin needs to hold above $97,000 to confirm the new all-time high. Currently, Bitcoin is trading at $98,510 and has rallied almost 3% in the last 24 hours. To sustain its momentum, Bitcoin needs to maintain its valuation above $98,000.



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