What it’s going to take to hit $100K – Blockworks
Breaking the $100,000 mark for Bitcoin is just within arm’s reach, but it seems like we’re not quite there yet.
Last week, we saw some resistance as Bitcoin hit $99.8k before pulling back, and it’s not surprising considering how much Bitcoin could be sold once we reach that elusive record.
Galaxy’s Michael Novogratz mentioned in a recent post that the selling pressure we’re seeing is just normal profit-taking. Alex Thorn’s data shows that many sellers entered the market this year above $56,000 and are now looking to sell off their holdings.
Even though it’s a holiday week in the US, with lower trading volumes typically expected, there’s still reason to be optimistic about hitting that $100k milestone.
MicroStrategy continues to be a key player in the market. In a recent SEC filing, the company disclosed that it bought 55,500 bitcoins worth $5.4 billion at an average price of nearly $98,000 per bitcoin. This purchase follows a $4.6 billion buy earlier in the month, bringing their total purchases this month alone to a staggering $10 billion.
While MicroStrategy’s buying spree is certainly influencing price action, it may not be enough to push us over the $100k mark just yet. However, there are indications that we could be approaching that level sooner rather than later.
According to FalconX’s David Lawant, there have been notable liquidity shifts in the market, with Bitcoin reaching its highest spot volume print ever on a seven-day moving average basis. Spot volumes have been significantly higher than previous months, but we still need to see an increase in order book depth for a more significant impact on price.
Lawant believes that breaking $100,000 remains a challenge, but the overall market picture looks promising.
MicroStrategy’s recent purchase may not be the only catalyst needed to break through the $100k resistance, but it’s certainly a step in the right direction. Whether it’s MicroStrategy’s next move or another development in the market, it seems like we’re on track to eventually hit that $100k mark.
