Data suggests Bitcoin’s all-time high rally to $93,400 is far from over.
Bitcoin (BTC) surged by 16% from Nov. 11 to Nov. 13, surpassing the $93,000 mark for the first time. Despite this record high, some traders believe the bullish momentum could weaken as sellers, including certain Bitcoin miners, start to take profits.
Julio Moreno, head of research at CryptoQuant, noted that some Bitcoin miners began taking profits on Nov. 12, although this activity remained within normal levels. The trend became apparent upon examining exclusive entities holding 100 BTC or more.
However, four key metrics suggest that Bitcoin’s rally remains robust. These include derivatives data and the outlook for the US dollar.
