Originally published on: November 25, 2024
Bitcoin recently achieved another milestone by sealing a record weekly close, despite a brief dip in price just hours before. The current price hovers above $98,000, indicating a potential push towards the coveted $100,000 mark, as reported by Cointelegraph Markets Pro and TradingView.
Traders are closely monitoring the battle to breach the $100,000 threshold, with intense sell-side liquidity providing both challenges and opportunities in the market. The recent dip in BTC/USD to $95,800 led to significant cross-crypto liquidations totaling $500 million, highlighting the growing risk appetite among investors.
Analysts predict a potential recovery as key indicators suggest further upward movement in Bitcoin’s price. The gap in CME Group’s Bitcoin futures market, closely aligned with the all-time high levels, underscores the bullish sentiment prevailing in the market.
While some skeptics question the significance of the $100,000 milestone, others anticipate a swift closure of the gap as Bitcoin inches closer to its historical price range. With liquidity data hinting at possible price fluctuations below $90,000, the market remains ripe for both short-term gains and long-term investments.
Bitcoin’s impressive performance in November, marking the best in five years, has set the stage for a potential rally, with Q4 gains reaching 54.5%. However, the upcoming November monthly close and macroeconomic data releases in the US add an element of uncertainty to the market.
As traders await cues from the Federal Reserve’s November meeting and key economic indicators, the potential rate cut and inflation data could impact cryptocurrency and risk asset markets. With Fed Chair Powell signaling a cautious approach to rate cuts, market participants are bracing for potential policy shifts in the near future.
In the midst of market volatility, Bitcoin long-term holders are realizing substantial profits, while short-term holders remain active in the market. The influx of institutional capital, driven by US spot Bitcoin ETFs, signals strong investor interest in Bitcoin, potentially paving the way for a breakthrough beyond $100,000.
Despite the ongoing debate over the significance of the six-figure price level, market data and investor sentiment point towards a bullish outlook for Bitcoin. As the market dynamics continue to evolve, traders are advised to conduct thorough research and analysis before making investment decisions.
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