According to analysts, here are some of the reasons that could be driving the current bull run:
Bitcoin has been consolidating at $9, 500 making a strong case for a possible breakout
The growing U.S. turmoil is fueling the narrative
Growing inflation as the US and other governments worldwide prevent negative interest rates
Long periods of stability and low bitcoin volatility levels (within the 2% range for over 100hrs) have historically correlated with large price movements
Rising premiums in bitcoin futures pointing to a large demand spike for long positions
Rising premiums in options contracts as traders are willing to pay more for long exposure
While the growing leveraged positions are largely coming from institutional investors like CME, analysts warn that these can positions can quickly get liquidated similar to what happened in mid-March, which caused bitcoin price to crash by 50 percent.
In the meantime though, there remains a compelling case for the bitcoin price to continue going up if all the above factors remain for the next couple of days.