Although $92K acts as resistance, Bitcoin price indicators point further up

Bitcoin (BTC) has been trading in a narrow 7% range since November 12, indicating a period of consolidation around $91,000. Still, derivatives indicate that professional traders remain bullish. Additionally, multiple attempts to break above $92,000 suggest strong buying interest beyond MicroStrategy's multiple BTC purchases.

The delta skew of BTC options has dropped to its lowest level in four months, indicating that the market is pricing in put options. Levels below -6% suggest bearish sentiment and reflect confidence in the $87,000 support level, especially from whales and arbitrage tables.

While such data suggest optimism, it does not guarantee that investors will be confident that the bull market will continue. It is very important to analyze the factors that drive the recent speed. For example, if analysts are looking at micro strategies for Bitcoin growth to new all-time highs, signals should be seen in BTC futures and margin markets.

Is micro-strategy the only driver behind Bitcoin's bull run?

Speculation that a few parties are responsible for the buying activity above $87,000 comes after MicroStrategy announced an additional purchase of 51,780 BTC on November 18. According to an SEC filing, the company now holds more than $29 billion in Bitcoin and is actively monitoring it. It plans to raise $21 billion by issuing and selling company shares.

In contrast, investors believe that if BTC Exchange-Treaded Fund (ETF) net income shows early signs of adoption, including exposure from pension funds and large hedge fund managers, Bitcoin has a high chance of continued price appreciation. However, the latest data released on November 14 and 15 showed net ETF outflows of $771 million as investors decided to take profits following the recent rally.

Analyzing Bitcoin futures and margin markets is important to understand how professional traders are positioned. For example, sustained demand for BTC futures indicates high sentiment, while rising price hedges indicate that whales and arbitrage tables lack confidence in current price momentum.

Bitcoin's two-month futures premium (base rate) rose to 17% on November 18, surpassing the 5%–10% neutral threshold. This level of optimism was last seen eight months ago, in late March, when Bitcoin successfully defended the $64,000 level after two weeks of downward pressure.

It is important to analyze BTC margin markets to further assess traders' sentiment. Unlike derivatives contracts that always require a buyer and a seller, margin markets allow traders to borrow stablecoins to buy spot bitcoins. Similarly, bear traders can borrow BTC to create short positions by betting on a decline.

Related: ‘I put most of my wealth into Bitcoin, so I'm fully committed' – RFK Jr.

Bitcoin's current long-to-short margin ratio at OKX is 14 times in favor of longs (buyers). Historically, overconfidence periods have lifted the indicator more than 40 times, and levels below 5 times supporting longs are generally considered bearish.

Ultimately, regardless of microstrategy-driven buy-side activity, Bitcoin derivatives and marginal markets indicate strong bullishness. In the year A retest of the $88,700 level on November 17 without significant impact suggests that investors are not ready to exit the initial negative price swing.

This article is not intended for general information purposes and should not be construed as legal or investment advice. The views, ideas and opinions expressed herein are solely those of the author and do not necessarily represent the views and opinions of Cointelegraph.