Originally published on: November 25, 2024
Bitcoin has seen another record weekly close, with a slight dip in price quickly recovered, bringing it back above $98,000. As traders eagerly anticipate the milestone of crossing the $100,000 mark for the first time, the market is buzzing with activity.
With over $500 million in cross-crypto liquidations during a recent dip, BTC/USD touched $95,800 before bouncing back. Analysts are closely watching the battle around the $100,000 level, with signs pointing to increasing risk appetite among investors.
A gap in CME Group’s Bitcoin futures market near all-time highs suggests room for further growth, according to traders. However, liquidity data indicates potential dips below $90,000, highlighting key support levels to watch.
Despite predictions of a year-end price of $127,000, the immediate focus is on November’s monthly close. BTC’s impressive 54.5% gains in Q4 point to a winning streak comparable to the last five years.
While some traders see $100,000 as a psychological barrier, others downplay its significance, with sights set on levels closer to $140,000 according to technical analysis. Institutional interest and record net inflows into Bitcoin ETFs suggest growing confidence in the cryptocurrency’s potential.
As macroeconomic data unfolds, markets are on edge for cues on future policy moves by the Federal Reserve. With the uncertain economic landscape, traders are eyeing key indicators like inflation and unemployment data to gauge market sentiment.
Despite the excitement around BTC’s potential breakthrough, investors must exercise caution and conduct thorough research before making any investment decisions. Stay informed and stay ahead in the dynamic world of cryptocurrency trading.
