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Home»Bitcoin»Bitcoin shoots past $100,000 – What are the chances that BTC will hold up now?
Bitcoin

Bitcoin shoots past $100,000 – What are the chances that BTC will hold up now?

2024-12-05No Comments2 Mins Read
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  • Bitcoin finally shot above $100,000 for the first time in its history
  • It’s worth evaluating the state of demand versus selling pressure to determine whether the price will hold or fall

Bitcoin [BTC] holders are in celebration mode after the king coin finally breached the $100,000 level. At the time of writing, BTC was valued at $103,197, having risen over 7% in just over 48 hours.

Source: BTC/USD, TradingView

However, the cryptocurrency’s latest performance raises an important question: can it sustain demand above this key price level, or will it indulge in intense profit-taking? Well, only time will tell.

Many Bitcoin evangelists previously predicted that Bitcoin would eventually reach a six-figure value, and that day has finally arrived.

The cryptocurrency owes this latest milestone to a combination of robust demand from both the spot and derivatives segments. Bitcoin ETFs, which were approved earlier this year, have also been a major contributor to this rally through intense accumulation.

What did the cryptocurrency indicators suggest? At the time of writing, BTC’s moving average was well below the price candles and suggested bullish momentum. The positive reading of the Chaikin Money Flow also indicated something similar.

On the contrary, the RSI was well above 70 – a sign of a potentially overbought market. This could be the first sign of a coming price correction.

Can Bitcoin Hold Stable Above $100,000?

Now, there will undoubtedly be profit taking after BTC goes above $100,000. However, at the time of writing, cryptocurrency statistics were yet to underline the same.

On the contrary, metrics such as Bitcoin’s foreign exchange reserves highlighted the opposite, with this particular metric falling off the charts to allude to a lack of selling pressure in the cryptocurrency market.

Source: CryptoQuant

We also assessed the state of demand in the derivatives segment. Think about this: Total open interest on Bitcoin futures on exchanges rose to $64.70 billion.

Source: Coinglass


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

See also  Bitcoin ETF Inflows Hit Weekly Lows: Is the Bullish Streak Over?

Finally, according to Coinglass, the ratio of Bitcoin longs to shorts also suggested that the market was still largely bullish at the time of writing.

Next: How memecoins drove Pump.fun to grow 207% in November

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