Bitcoin shoots past $100,000 – What are the odds on BTC holding on now?

Bitcoin finally shot past $100,000 for the first time in its history
It is worth evaluating the state of demand vs. sell pressure to establish whether the price will now hold or pull back

As a seasoned crypto investor with nearly a decade of experience under my belt, I can’t help but feel a mix of excitement and caution as Bitcoin finally breaches the $100,000 mark. This isn’t my first dance with six-figure BTC, but it certainly feels different this time around.

Bitcoin enthusiasts are rejoicing as the leading cryptocurrency has crossed the $100,000 threshold. Currently, it’s trading at approximately $103,197, marking an increase of more than 7% within a span of 48 hours.

The recent activity of the cryptocurrency poses a significant query: Will it maintain its demand above this crucial price point, or will it succumb to heavy selling due to profit-taking? Time alone can provide an answer to that question.

Numerous proponents of Bitcoin had earlier predicted that it would one day be worth six figures, and now that prediction appears to be coming true.

As an analyst, I attribute the recent achievements in the cryptocurrency market to a synergistic effect stemming from strong demand across both the spot and futures markets. The approval of Bitcoin ETFs earlier this year has significantly fueled this upward trend by fostering substantial accumulation.

According toVishal Sacheendran, Head of Regional Markets at Binance,

As a crypto investor, I’m thrilled to be part of this dynamic world as we witness Bitcoin reaching an unprecedented milestone of $100,000. This remarkable surge is fueled by favorable market conditions, increasing U.S. regulatory clarity, and the growing adoption of Bitcoin through Exchange-Traded Funds (ETFs). The crypto market is currently abuzz with optimism as governments and institutions globally are warming up to blockchain technology, paving the way for wider acceptance and investment in digital assets.

At the current moment, the trends indicated by BTC’s moving average were pointing towards a bullish trend, as the moving average was significantly below the price candles. Additionally, the Chaikin Money Flow had a favorable reading, hinting at a similar positive momentum.

Contrarily, the Relative Strength Index (RSI) was sitting comfortably above 70, indicating potential signs of an overbought market. This could be a prelude to a possible price adjustment or correction in the near future.

Can Bitcoin hold steady above $100,000?

After Bitcoin (BTC) surpasses $100,000, it’s likely that investors will start selling their holdings to secure profits. However, at the moment, the data doesn’t necessarily support this prediction.

Instead, data from Bitcoin’s exchange reserves seems to indicate the opposite. This specific metric has decreased on the graphs, suggesting a low level of selling pressure within the Bitcoin market.

Additionally, we examined the level of demand within the derivatives market sector. To put it simply, the total open interest in Bitcoin futures contracts skyrocketed to a staggering $64.70 billion across various trading platforms.

Read Bitcoin’s [BTC] Price Prediction 2024-25

At this point in time, data from Coinglass indicates that the number of Bitcoin long positions outweighs short positions, suggesting a predominantly optimistic market sentiment.

2024-12-05 07:05

Can Bitcoin hold steady above $100,000?

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