Originally published on: November 26, 2024
Bitcoin’s recent journey to reach $100K hit a snag with an 8.2% pullback after hitting an all-time high of $99,609 on Nov. 22. Despite this setback leading to $250 million in bullish leveraged positions being liquidated, there’s no need for panic as key metrics have not turned bearish.
When analyzing Bitcoin miners’ activity, it’s important to note that they’re currently reducing their positions by about 2,500 BTC daily, totaling $231 million. On the other hand, US Bitcoin ETFs saw an influx of $670 million daily between Nov. 18 and Nov. 22, indicating strong institutional demand.
Historical data suggests that Bitcoin’s price may find support around $82,500, considering a potential 17% correction from its peak. Unlike previous corrections, this time there’s a strong presence of institutional players, such as MicroStrategy and other corporate entities, contributing to Bitcoin’s stability.
In the options market, a shift from bullish to neutral sentiment is observed, but onchain metrics and derivatives show no signs of impending bearish market conditions. This implies that Bitcoin’s price outlook remains optimistic despite recent fluctuations.
With growing corporate adoption and continued institutional interest, the road to $100K may still be within reach for Bitcoin. As key players maintain their buying strategies and market confidence remains high, the cryptocurrency market could see further growth in the near future.
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