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Bitcoin crossed the $99,800 mark, hitting another all-time high as it approaches the psychological level of $100,000. Despite testing the level briefly, Bitcoin has yet to break through it, leaving investors and analysts eagerly anticipating the next move. With demand remaining strong, the stage appears set for Bitcoin to cross this major barrier in the coming days.
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Recent data from CryptoQuant highlights an important factor driving this rally: Coinbase Premium Gap, which currently stands at $224. This metric, which represents the price difference between Bitcoin on Coinbase and other global exchanges, indicates strong buying activity from Coinbase investors in the United States.
The continued bullish momentum has consolidated Bitcoin’s dominance in the cryptocurrency market, with many viewing the $100,000 level as an important supply area. While the price has yet to breakout, the ongoing rally reflects a growing belief that Bitcoin’s parabolic bull phase is far from over. As the market approaches this pivotal moment, all eyes remain on BTC’s ability to maintain its momentum and make new highs, setting the tone for the weeks ahead.
Bitcoin price action remains strong
Bitcoin has been in a “bull only” phase since November 5, showing no signs of weakness as it continually rises to new heights. Even after failing to break the $100,000 level yesterday, the price action remains incredibly strong. The bulls are firmly in control, and if Bitcoin continues above critical demand levels, the long-awaited key level of $100,000 could be breached within hours.
CryptoQuant analyst Maartunn revealed strong demand from US investors is the main driving force behind this rise. According to its data, the Coinbase Premium Gap — a metric that tracks the price difference between Bitcoin on Coinbase and other global exchanges — stands at $224.
This positive premium confirms US buying activity as an important factor in the current bullish momentum. A high premium often indicates that Coinbase investors are willing to pay a higher price than others, which is a strong indicator of increased demand.
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While the market is watching closely, Bitcoin’s ability to maintain its upward trajectory hinges on staying above vital support levels. Psychological resistance at $100,000 remains formidable, but the inexhaustible appetite from US investors points to continued strength in the days ahead. With these strong fundamentals, many analysts believe that Bitcoin is poised for another explosive rally once it decisively crosses the $100,000 mark.
The BTC rally has just begun
Bitcoin is trading at $98,800 after a failed breakout above the highly anticipated $100,000 mark. Despite this temporary setback, price action remains strongly bullish as BTC continues to hold above key demand levels, showing resilience and strength in the current market. Failure to bounce back towards lower prices indicates that bullish momentum remains, keeping investors optimistic about a potential breakout.
If BTC maintains its position above the critical support level of $95,000, the probability of a rise beyond the psychological barrier of $100,000 increases significantly. Staying above this level would indicate strong interest from buyers and the potential for further upside, paving the way for Bitcoin to resume its upward trajectory in the near term.
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However, if Bitcoin fails to hold above the $95,000 level, a pullback to lower demand areas will confirm a correction in the short term. Such a pullback could provide fuel for the next rally, as it would allow the market to consolidate before making another attempt to break the $100,000 barrier.
For now, all eyes remain on Bitcoin’s ability to defend key support levels as the market anticipates the next major step in this historic rally.
Featured image by Dall-E, chart from TradingView
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