Bitcoin BTC +0.24% calls at a strike price of $110,000 are the current top volume by instrument on Deribit. Image: Deribit.

However, according to Stocklytics analyst Neil Roarty, for bitcoin to achieve a price point above the $100,000 mark, "it will have to show even greater resilience in the face of increasing regulatory scrutiny and wider political and economic uncertainty."

Whales sending assets to exchanges

Despite the optimism in the derivatives market, Bitfinex analysts have observed activity among bitcoin whales that could signal further sell pressure in the short-term.

According to this week's Bitfinex Alpha report, the bitcoin exchange whale ratio suggests an increased potential for sell pressure. This cohort of investors has been observed sending more of the digital asset to exchanges, raising the possibility that they might be preparing to sell.

"That said, historically, most of the aggressive selling has come from the more price-sensitive short-term holders, that is those who have owned bitcoin for 155 days or less. For this group, the realized price is $58,700, and in current markets this seems to be acting as an important support level," the report added.

Bitcoin is holding above the $63,000 mark, having posted a slight decline of over 1% in the past 24 hours to trade at $63,551 at 8:11 a.m. ET, according to The Block’s Price Page. The GM 30 Index, representing a selection of the top 30 cryptocurrencies, decreased 1.32% to 137.37 in the same period.

The price of bitcoin has held above the $63,000 mark over the past 24 hours. Image: The Block.