Bitcoin Price Near $100K; Could BTC Achieve This Milestone Soon?

• Bitcoin has been struggling to break through the $100,000 price barrier.
• Growth catalysts in the coin could help it surpass the previous high.
• Corporate buyers and spot Bitcoin ETF products are crucial to the BTC rally.

Bitcoin (BTC) price has been struggling just below the $100K hurdle for the past 10 days. Buyers are struggling to breach this psychological amid selling pressure. Bitcoin price has been stuck in a narrow range for the past five days.

Based on the technical chart, the BTC price has received a continuous push from the downside. This push has resulted in a strong bullish trend. It has triggered a breakout from a significant resistance level of $71K and has reached the $100K level.

Bitcoin Price Influenced by BTC ETF

Massive profit-taking by institutional investors is still common in the exchange-traded fund (ETF) market, despite Bitcoin’s price volatility. The Bitcoin ETF market saw significant outflows and intense selling pressure on November 25 and 26.

According to Farside Investor data, the ETF experienced outflows of $122.8 Million and $435.3 Million on the aforementioned days. This represents a change from the significant product inflows recorded after election day.

Institutional investors typically use spot Bitcoin ETF products to protect themselves from dollar devaluation.

Therefore, selling large quantities suggests that these investors have identified a window for profit. Some Bitcoin holders saw the opportunity to sell their holdings before a price correction occurred because the cryptocurrency was close to $100,000.

BTC is Flirting With the $99K Mark

Amid this bull run, the price has shown mild weakness from its high and has been defending the $90K level. The BTC price has been following the 20-day EMA and struggling to breach the $98K mark.

If the price forms a bullish candle over the $98K mark, it could invite solid buying pressure. Moreover, sustaining this level could lead to a bullish move and the $100K milestone would be achieved soon after. Suppose the price managed to hold over the $100K level, it would surge ahead.

On the other hand, if the digital asset price loses the 20-day EMA, it might melt to the $90K mark. If the price starts trading below the $90K level, selling pressure will rise. Losing this level could lead to a profit booking ergo a sharp fall.

A bearish crossover has been seen in the MACD and the Signal line. The histograms have flipped to red, indicating a bearish forecast. RSI has failed to hold while the BTC price was holding at the top, this would be a bearish signal.

Bitcoin Price Today and Its Forecast

When writing, Bitcoin was trading at $95,743.68, down by 1.59% over the past 24 hours. Its market capitalization was $1.90 Trillion and the 24-hour trading volume was $45.31 billion.

Bitcoin’s struggle to surpass the $100,000 price barrier highlights the complexities of market dynamics influenced by various factors. Some of these factors include profit-taking behavior from institutional investors and selling pressure from the ETF market.

While there have been bullish movements and significant resistance breaks, the recent outflows and market volatility suggest caution among investors.

The critical levels to watch are $98,000 and $90,000; sustaining above these could lead to a rally toward the $100K milestone. However, a failure to maintain these levels may trigger further selling and potential declines.

Overall, the market remains in a state of uncertainty, necessitating close monitoring of price movements and trading volumes.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.