Bitcoin Resistance Around $100,000
Bitcoin‘s price showed increased volatility as traders sought to push it toward a critical support zone. On Nov. 24, BTC moved closer to $97,000 after facing strong selling pressure just below $100,000.
BTC has struggled to break through the $100,000 mark, with heavy resistance forming in the order books. Sellers used tactics like “spoofing,” placing large ask orders to create artificial selling pressure. These actions drove Bitcoin’s price lower over the weekend.
Analyst Skew highlighted the presence of ask walls between $99,000 and $99,500, causing the market to stall. Despite bid liquidity at $95,000, Skew identified $97,300 as the critical support level for recent trading sessions. He noted the importance of monitoring for passive buyers to gauge market strength.
The $100,000 level remains a psychological barrier for traders and investors. Breaking past it would signal a major milestone in Bitcoin’s ongoing rally. Until then, sellers are leveraging every opportunity to keep prices subdued, preventing BTC from reaching this key figure.
As Bitcoin hit $99,800 on Nov. 22, long-term holders cashed out significant profits. CryptoQuant analyst Maartunn reported unrealized profit levels at 57%, with daily realized profits totaling $443 million. This marks one of the most profitable days for long-term Bitcoin investors.
The profit-taking activity indicates cautious optimism as traders brace for potential pullbacks. In anticipation of potential short-term corrections, analysts are still keeping an eye on important levels, such as $90,000. How Bitcoin develops in the future will be determined by its capacity to maintain support above $97,000 or higher.
Some analysts remain hopeful about Bitcoin’s long-term potential despite the market’s current turbulence. Cubic Analytics founder Caleb Franzen reaffirmed his objective of seeing Bitcoin hit $175,000 by 2025.
Franzen’s latest analysis positions the ongoing bull market as progressing “right on schedule.” In his blog post, he noted Bitcoin’s remarkable performance, gaining 77% since September 2024.Franzen thinks Bitcoin is matching trends from past bull markets, but he still needs to see another 77% gain to meet his goal.
His forecasts are predicated on past patterns and the cyclicality of Bitcoin’s price fluctuations. Franzen underlined how crucial long-term viewpoints are for understanding the frequently erratic price movement of Bitcoin.
Franzen demonstrated Bitcoin’s capacity to bounce back and outperform over the long run by contrasting this year’s bull market with earlier cycles. For those with an optimistic perspective, historical data offers reassurance even though short-term volatility is still high.
As Bitcoin stays around $97,000, traders and investors maintain an eye on its performance. Whether Bitcoin can break through resistance and reach new highs will depend heavily on market activity in the days ahead. The next significant rise will probably be shaped by the interaction between buyers and sellers, which will heighten interest in Bitcoin’s future.
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