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Bitcoin BTCUSD made an astonishing leap on Dec. 11, achieving its highest daily close in history. This significant event brought six-figure BTC price action back with great force.

Uncover the Bitcoin Phenomenon and Its Market Trajectory

Bitcoin's Daily Close Record

Data from Cointelegraph Markets Pro and TradingView clearly showed that BTCUSD sealed its latest daily candle at approximately $101,200. On Bitstamp, this marked a new high, matching the close from Dec. 8. Bulls managed to pull away from the local lows of $94,000 witnessed earlier in the week. Trader, analyst, and entrepreneur Michaël van de Poppe summarized in his latest X analysis, stating, "The crucial level is still defined on $BTC. If the markets stay above that area, it’s likely that we’ll see new ATH’s in the coming days."This indicates the potential for further upward movement in Bitcoin's price.

Market Stability and Beyond

Market observers have noted continued market stability as Bitcoin reached new heights. Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole Investments, wrote in an X post on Dec. 12, "Bitcoin quietly just had its highest daily close ever. Meanwhile, funding rates are below normal, leverage still wiped, and ETFs are seeing day after day of relentless inflows." This shows that despite the significant price increase, the market remains relatively stable, with other factors also at play.Edwards referred to the cleansing of leveraged positions due to recent market volatility. At the time of writing, combined 24-hour crypto liquidations reached $270 million according to data from monitoring resource CoinGlass. This highlights the impact of market fluctuations on different market participants.

Futures Basis and Market Risk

Zaheer Ebtikar, co-founder of crypto fund Split Capital, pointed out additional data supporting the lack of excessive market risk. Despite Bitcoin circling all-time highs, its futures basis remained unusually low. He told X followers along with an illustrative chart, "I can’t explain to you how absolutely insane this image is."The futures basis refers to the difference in price between the spot and futures market pricing, measured as a percentage of the spot. In Bitcoin bull markets where all-time highs occur, the basis can reach 30% or more, indicating increased speculation about future price growth. However, in this case, the low futures basis suggests a more stable market environment.It's important to note that this article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.