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Bitcoin crossed the $99,800 mark, setting a new all-time high as it approaches the psychological $100,000 barrier. While this achievement indicates notable strength, the price has yet to reach this key level, leaving investors in a state of suspense. Market demand remains strong, increasing optimism that Bitcoin will soon cross the $100,000 threshold.
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Key data from CryptoQuant reveals that Bitcoin profit has reached an all-time high of $443 million in daily gains. This highlights the significant buying pressure in the market as long-term traders and stockholders are making unprecedented profits. However, this record profit-taking is also raising concerns for some investors. They fear that the rise will stop, and interpret the rise in realized profits as a possible signal of a higher domestic scenario.
Despite these mixed signals, overall market sentiment tends to be bullish. Bitcoin continues to hold above crucial support levels, indicating that demand is still strong enough to push the next leg higher. With the cryptocurrency on the verge of a massive breakout, the coming hours and days will be crucial in determining whether Bitcoin’s momentum can sustain a decisive move beyond $100,000 or whether a temporary consolidation is on the horizon.
Bitcoin could continue to rise above $100,000
Bitcoin’s rise from $66,800 to $99,800 represents a unique and unexpected bull phase in 2024. With prices approaching the elusive $100,000 level, many investors who doubted Bitcoin’s ability to reach that level this year are now revising their expectations. This rally has been driven by strong demand and market confidence, making a break above $100,000 seem inevitable. If this happens, analysts widely expect a continued bull run for Bitcoin, strengthening its dominance in the cryptocurrency space.
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However, market dynamics suggest that the journey to $100,000 may not be without hurdles. Corrections during this phase are not only possible, but can also be beneficial to the health of the market. A pullback will provide an opportunity for consolidation, which could give altcoins room to recover and begin their own rallies.
Critical insights from CryptoQuant analyst Maartunn Highlighting the aggressive nature of this grouping. Data indicates that Bitcoin’s generated profits recently reached an all-time high of $443 million per day, reflecting significant profit-taking activity. While this underscores strong buying pressure, it also raises concerns among cautious investors who interpret the spike in earnings as a potential sign of a domestic top.
Despite these concerns, there is room for growth in Bitcoin’s trajectory. Maintaining support above $95,000 should maintain the bullish momentum, but a healthy correction from current levels could also provide the fuel needed for a stronger push beyond $100,000 in the near future.
BTC testing critical supplies
Bitcoin is currently consolidating solidly above the $97,000 mark, maintaining bullish momentum as it looks to rise above the $100,000 level. This level represents a major psychological and technical barrier, and market sentiment remains optimistic about Bitcoin’s ability to break it. With demand remaining strong, many investors are bracing for a massive rally that could determine Bitcoin’s trajectory in the coming weeks.
However, there are growing concerns about the possibility of Bitcoin setting a local top. If this scenario materializes, the price may enter a consolidation phase, likely to last several weeks as the market digests recent gains. Analysts suggest that holding above $98,000 in the next few days would keep the bullish momentum intact and pave the way for a break above $100,000.
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On the other hand, if Bitcoin fails to maintain the $97,000 level, this could signal the beginning of a healthy correction. In this case, the price may bounce back to the $92,000 level, which is a key demand area that will likely serve as strong support. A pullback to this level would allow Bitcoin to regroup and build the foundation for another push higher, strengthening its long-term uptrend.
Featured image by Dall-E, chart from TradingView