Bitcoin has soared beyond the $99,800 threshold, establishing another record high as it approaches the significant psychological barrier of $100,000. Although it briefly tested this level, BTC has not yet surpassed it, resulting in investors and analysts eagerly awaiting the next movement. With demand remaining strong, the conditions seem optimal for Bitcoin to break through this crucial level in the upcoming days.
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Recent statistics from CryptoQuant reveal a key factor propelling this surge: the Coinbase Premium Gap, which currently stands at $224. This indicator, reflecting the price variation between Bitcoin on Coinbase and other international exchanges, reveals vigorous purchasing activity from US Coinbase clients.
The relentless upward trend has further cemented Bitcoin’s supremacy in the cryptocurrency market, with many perceiving the $100,000 price point as a vital supply zone. While the price has not yet broken through, the ongoing surge indicates an increasing conviction that Bitcoin’s explosive bull phase is far from finished. As the market approaches this crucial juncture, all attention is on BTC’s capacity to sustain its momentum and achieve new highs, setting the stage for the forthcoming weeks.
Bitcoin Price Action Remains Strong
Since November 5, Bitcoin has been in a phase of “only up,” showing no signs of faltering as it steadily reaches new heights. Even after the inability to surpass the $100,000 mark yesterday, price movement remains exceptionally strong. Bulls retain firm control, and if Bitcoin sustains its position above critical demand levels, the long-anticipated $100,000 milestone could be breached in just a few hours.
CryptoQuant analyst Maartunn disclosed that strong demand from US investors is a crucial catalyst for this rally. His data indicates that the Coinbase Premium Gap—a metric that measures the price discrepancy between Bitcoin on Coinbase and other global exchanges—remains at $224.
This positive premium highlights US-based purchasing activity as an influential aspect of the current bullish momentum. A high premium frequently suggests that Coinbase investors are willing to pay a higher price compared to others, serving as a strong indicator of increased demand.
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As the market observes closely, Bitcoin’s ability to sustain its upward path rests on its capacity to remain above crucial support levels. The psychological blockade at $100,000 is formidable, yet the persistent demand from US investors suggests continued strength in the days to come. With such robust fundamentals, many analysts are confident that Bitcoin is ready for another explosive rally once the $100,000 barrier is decisively overcome.
BTC Rally Is Only Starting
Bitcoin is priced at $98,800 following a failed breakout above the highly anticipated $100,000 threshold. Nevertheless, price action continues to exhibit strong bullish signals as BTC remains above key demand levels, demonstrating resilience and strength in the current market condition. The failure to drop to lower prices suggests that bullish momentum remains intact, keeping investors hopeful for a potential breakout.
If BTC can maintain its position above the crucial $95,000 support level, the potential for a surge past the psychological barrier of $100,000 significantly increases. Remaining above this level would signify strong buying interest and the possibility of further gains, facilitating Bitcoin’s return to its upward trajectory in the near future.
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Conversely, if Bitcoin cannot uphold its position above $95,000, a retreat to lower demand zones would indicate a short-term correction. Such a downturn could provide the necessary energy for the next rally, as it would allow the market to consolidate before making another attempt to break the $100,000 threshold.
For now, all attention remains on Bitcoin’s capability to protect its essential support levels as the market anticipates the next major movement in this historic rally.
Featured image from Dall-E, chart from TradingView
