Possible Bitcoin’s $100K Milestone: Key Insights for the Week

1. Bitcoin Dips Below $96K Before Rebounding

Bitcoin briefly dropped to $95,800 before recovering to $98,000. This marked its highest weekly close in history. Traders are watching closely as Bitcoin hovers near $100K.

• Liquidations: A $500 million liquidation wave hit cross-crypto markets during the dip.
• Market Observations: Some analysts believe a passive buyer triggered Sunday’s low. Others see a “gap” in Bitcoin futures, indicating room for further recovery.

2. The $100K Question: Psychological or Overhyped?

Many traders regard $100,000 as a major psychological milestone. Others argue it’s just a number with no technical significance.

• Historical Perspective: Analyst Aksel Kibar suggests the next key level is closer to $140,000, dismissing $100K as trivial.
• Market Dynamics: Significant liquidity sits around $98,750, which could influence short-term price movement.

3. Thanksgiving Week and Economic Data

Thanksgiving week brings major U.S. economic reports that may impact Bitcoin’s price. Key events include:

Traders will watch how these factors influence risk appetite across markets.

4. Profit-Taking Season for Long-Term Holders

Long-term Bitcoin holders are realizing profits at record levels.

• Data Highlights: On Nov. 22, $443 million in aggregate profits were realized.
• Short-Term Trends: Short-term holders also began selling, potentially affecting Bitcoin’s momentum.

5. ETF Capital Inflows Could Drive Growth

The growing interest in Bitcoin ETFs might counteract selling pressure.

• Institutional Inflows: Over $3.35 billion flowed into Bitcoin ETFs in just five trading days.
• Market Influence: November’s ETF inflows are on track to break records, potentially supporting a price breakout beyond $100K.

Bitcoin’s price action is exhibiting a mix of optimism and caution. Traders are closely following the battle around $100,000. While for some investors it’s a milestone that defines adoption, for many traders it is more about general market trends and macroeconomic indicators. Any further development of Bitcoin now depends on large inflows of institutional capital and, secondly, U.S. economic statistics.