Bitcoin Sets Record Daily Close, Futures Basis Remains Surprisingly Low

Bitcoin (BTC) has achieved its highest daily close in history, sealing a price of $101,200 on Dec. 11. This milestone comes as six-figure BTC price action makes a striking comeback, following a rebound from earlier lows of $94,000.Record-Setting BTC Price ActionAccording to data from Cointelegraph Markets Pro and TradingView, BTC/USD's daily close surpassed the previous record from Dec. 8, marking a pivotal moment for Bitcoin as bulls gain momentum.Market analysts, including Michaël van de Poppe, are optimistic about further upward trends. Van de Poppe highlighted that maintaining key support levels could pave the way for new all-time highs "in the coming days."Stability Amid VolatilityDespite significant market movements, Bitcoin's rally has been accompanied by a surprising degree of market stability. Charles Edwards, founder of Capriole Investments, noted that funding rates remain below normal, leverage has been reduced, and institutional ETFs continue to see substantial inflows.The cleansing of leveraged positions from recent market volatility has created a more balanced environment, with $270 million in crypto liquidations reported in the past 24 hours, according to CoinGlass.Futures Market Defies ExpectationsOne of the most notable aspects of Bitcoin's current rally is the unusually low futures basis. Typically, during bull markets and record-setting price action, futures basis can exceed 30%, driven by speculative enthusiasm. However, as highlighted by Zaheer Ebtikar, co-founder of Split Capital, the current basis remains modest, signaling a lack of excessive speculation.This restrained futures activity underscores a unique dynamic in Bitcoin's ongoing rally, with market participants focusing on long-term accumulation rather than speculative leverage.Outlook for BTC PriceAs Bitcoin continues to approach new heights, analysts anticipate further bullish momentum. However, resistance levels around $110,000 remain a key challenge, as highlighted by recent technical analysis.With institutional inflows and market stability supporting Bitcoin's trajectory, the coming days could solidify its position at unprecedented levels, according to Cointelegraph.