Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Can Bitcoin Maintain Its Support Level At $100,000 Or Is A Decline Coming?

Can Bitcoin Maintain Its Support Level At $100,000 Or Is A Decline Coming?

BitcoinsistemiBitcoinsistemi2024/12/06 08:11
By:Mete Demiralp

Will the world's largest cryptocurrency, Bitcoin, be able to maintain the $100,000 level it passed today? Here is the analyst's opinion.

Bitcoin surpassed the long-awaited $100,000 milestone on Thursday morning, hitting an all-time high of $103,900 during US trading hours, according to CoinGecko data.

The historic climb followed brief concerns earlier in the day when a large amount of Bitcoin was transferred to exchanges, sparking fears of an impending sell-off. But those concerns were short-lived as Bitcoin quickly surged past the six-figure mark.

Market analysts suggest that Bitcoin’s price is unlikely to drop below $100,000 in the short term, citing strong buy demand. “The order book shows strong support at $100,000 with over 4,600 BTC in buy orders,” said BRN analyst Valentin Fournier. “On the sell side, there are around 3,400 BTC in buy orders below $110,000, suggesting weaker resistance compared to the hurdle that needs to be overcome to break above $100,000.”

Related News Are Dogecoin and Other Memecoins Here to Stay or Just a Fad? Experts Give Their Opinion

IntotheBlock Chief Marketing Officer Vincent Maliepaard explained that a notable “net inflow” of over 8,000 BTC worth around $860 million was seen on exchanges on Wednesday. Such moves typically indicate that investors may be preparing to sell or take profits at current price levels.

“It is not yet clear how many investors will use this new high to take profits,” Maliepaard said. “We update this data daily and will have a clearer picture tomorrow.”

*This is not investment advice.

2

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

The Psychological Aspect of Cryptocurrency Trading: Why is Mindset So Important?

Psychological levels play a key role in cryptocurrency trading, as traders often make emotional decisions around integer price points, forming significant support and resistance zones, and the reactions at these levels can affect market volatility and price trends.

Chaincatcher2024/12/22 12:33

If the Bitcoin Reserve Act is passed, it may end the four-year cycle of rise and fall in cryptocurrency

The price trend of Bitcoin will no longer be so influenced by internal mechanisms such as halving, but more by external factors such as institutional adoption and geopolitical events.

Chaincatcher2024/12/22 12:33

Four top investors debate: The gains and losses of the 2024 cryptocurrency market and predictions for 2025

Review and Outlook of Robot Ventures, Dragonfly, and Superstate, BTC may reach $180,000 by 2025.

Chaincatcher2024/12/22 12:33