Bitcoin has entered price discovery after surpassing its previous all-time high, and market conditions suggest the rally may be far from over.

According to Hyblock Capital’s latest analysis, elevated U.S. Treasury yields and record liquidity levels are creating a powerful backdrop for further upside.

Hyblock’s “Combined Books” metric—which tracks limit orders within 10% of spot price—is now in the 98th percentile over the past 90 days.

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