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Dominance refers to the ratio between the market capitalization of BTC to the total market capitalization of all cryptocurrencies combined and is often used as a gauge for market sentiment. PLUS: Some Solana tokens are up as much as 70%.

One trading desk has seen an uptick in call buying activity with targets of as high as $120,000 for December 2024.

The approval of spot bitcoin ETFs in the U.S. was much anticipated and well-priced, so the event will likely be a short- to mid-term top for the price, analysts said.

BTC blasted through the $90,000 resistance level on Wednesday, defying the dollar strength.

The bullish flow is reminiscent of the 2020-2021 bull market when traders consistently snapped up bitcoin calls at levels well above the going market rate.

Persistent testing of the lows sets the bears up for quick success with their next target at $60,000, one trader said.

Puts are overbought and calls [are] being sold, Deribit's CCO Luuk Strijers told CoinDesk, noting the decline in the bitcoin implied volatility index.

Excluding Grayscale's Bitcoin Trust, the bitcoin exchange-traded funds have accumulated over $11 billion worth of BTC a month after going live.

One trader said rising risk appetite for alternative assets could cause bitcoin to exceed the $70,000 level over the weekend.