Why Is Bitcoin (BTC) Price Yet To Cross The $100,000 Milestone?
The post Why Is Bitcoin (BTC) Price Yet To Cross The $100,000 Milestone? appeared on BitcoinEthereumNews.com.
The performance of Bitcoin (BTC) price has held many spellbound, as they anticipate when it will cross $100,000. However, each time it tries to test the psychological level, BTC slips again, unable to breach the critical resistance. BTC (Bitcoin) Price Volatility and Investor Behavior As of this writing, the BTC price was trading at $96,565.41 after peaking at $98,652 within 24 hours. On November 22, the crypto ecosystem felt sure Bitcoin would make history, soaring to $99,357 during trading. However, it disappointingly plunged to lower figures due to market volatility. – Advertisement – Some market observers have attributed this elusive $100,000 to nervous investors bent on making quick profits. These investors could mainly consist of new market entrants. In their assessment, these newbies appear determined to profit from their investments in the world’s leading digital asset. Mike Novogratz, Galaxy Digital CEO, commented on Bitcoin’s inability to breach the psychological $100,000 in an X post. He said most of the sales come from 2024 buyers who purchased when BTC traded above $56,000. – Advertisement – This suggests that for Bitcoin to reach $100,000, new buyers must become comfortable taking long positions. Bitcoin’s rally surged following the electoral win of the Republican Party candidate, Donald Trump. In November alone, BTC price soared 36.57% from just below $70,000 to its current price levels. The bullish sentiment that saw Bitcoin climb parabolic is attributed to Trump’s pro-crypto stance. Many investors believe the new administration, assuming office on January 20, 2025, could provide regulatory clarity in the industry. Bitcoin ETF Influence on BTC Price Despite Bitcoin’s price fluctuation, massive profit-taking from institutional investors remains prevalent in the exchange-traded fund (ETF) market. On November 25 and 26, the Bitcoin ETF market witnessed strong selling pressure and heavy outflows. Farside Investor data show that $435.3 million and…
Filed under: News - @ December 1, 2024 2:15 pm