Analysis: Bitcoin futures data suggests it may hit new highs

News: Despite a $170 million margin liquidation, spot and futures market bitcoin buying supported BTC's price momentum. Weak stablecoin demand in China and limited futures leverage usage indicate the current bitcoin rise is sustainable. Although Japanese government bond yields surged and market credit risk concerns temporarily affected market sentiment, bitcoin's price showed resilience at the $102,000 support level on May 19. Meanwhile, slight discounts in USDT trading in China suggest this rally is not driven by FOMO sentiment. The bitcoin futures market lacks excessive leverage, and there are no panic inflows in the Chinese market, which are key factors for continued price increases and pave the way for stronger bullish momentum above $105,000. (Cointelegraph)