(CNBC) The bottom line Yeo Boon Ping | Friday November 29 2024 Bitcoin danced seductively close to the $100,000 level this week — at its highest, it was less than $1,000 away — but that psychological peak was out of reach for the cryptocurrency. It retreated to as low as $90,702.27 on Tuesday, before stirring itself up to trade at around $96,150 today. One reason it fell was that investors cashed in on bitcoin’s unprecedentedly high price, increasing the supply of bitcoin. “Long-term holders have started to distribute significant amounts of bitcoins into the recent rally,” Andre Dragosch, head of research for Europe at crypto-focused asset management firm Bitwise, wrote in a research note shared Monday. But there are more fundamental reasons some strategists aren’t sure bitcoin can muster enough strength to touch the six-digit milestone. The $100,000 mark “feels as if it has become a high hurdle, if not a barrier, for further gains,” said David Morrison, senior market analyst at brokerage firm Trade Nation. In fact, bitcoin’s recent surge might be giving investors a false sense of security, according to George Milling-Stanley, State Street Global Advisors’ chief gold strategist. “Bitcoin, pure and simple, it’s a return play,” said Milling-Stanley, which suggests that investors are piling into bitcoin to reap capital gains and not because they see value or use in the cryptocurrency. The launch of options on spot bitcoin exchange-traded funds last week might have something to do with that. Options allow investors to deploy less cash to bet on bitcoin’s price movements, rather than buying a portion of bitcoin itself. Indeed, Galaxy Digital CEO Mike Novogratz, a longtime crypto investor, told CNBC that “the crypto community is levered to the gills, and so there will be a correction.” That said, a correction isn’t a permanent deflation. And if just a fraction of U.S. President-elect Donald Trump’s promises to the crypto industry are realized, the $100,000 price level may not be a ceiling, but just another rung that bitcoin passes on its celebratory climb upward.
They are just now realizing this??? We are almost at the 100K mark and they are just now thinking about this? I would stop turning to CNBC for the latest crypto news, almost everything I've ever seen from the major news outlets have been stale. If you know where to look, there are good channels on youtube with the freshest updates, some almost immediately as they happen.
Short trading day for the US stock market, but it's still possible for bitcoin to break $100,000 today...
100k is not a hurdle at all lol...just look at the chart! Price is meandering around 90-98k just like it meandered around 59-71k since March. Just like it meandered around 40-44k. Just like it meandered around 26-31k. Just like it meandered for 8-12k. Were any of those numbers "hurdles" lol.
Oh, looks like you are done hiding. Where you scared? I know we didn't go back down to 80K like you said we would, but that's ok, there is no need to hide like a girl from it. And yes those numbers are hurdles since you just said we "meandered" around them and didn't break through them from the beggining. I think it's safe to say they are hurdles. I'm scared to short right now. I just don't think the few thousand I would make is worth being out of a position during the rally. Selling during a bull run is extremely risky and possibly stupid!
Geez, there is now a small wall at 99K and an even bigger wall at 100K. Almost no liquidity looking down. Holy crap...
Realizing what? Its a recap of what has been taking place, is all. I watch price ... but I don't ignore what some say ... some of the time.
The buyers already went on vacation, long weekend started a couple of days ago I'm too stubborn... I kept adding and adding and adding collateral to my perp futures long btc position, lol At one time it was down over 17k usdt m2m, but it somehow got to positive m2m about half hour ago, If btc is on another leg down again, I plan not to add more collateral from here
I'm not saying they're wrong. But man, shouldn't they have thought of the 100K mark from the beggining? I just think they are a little tarty to the party. If you want send me a DM and I will give you links to more up to date channels. What you read on the media outlets are more likely manipulation attempts. All these high ranking individuals like Cathy woods and others take extreme advantage of the media in an attempt to manipulate the markets. It happens all the time. Lately she's been posting that Bitcoin will go to 3 million, and you and I both know, it aint happening Yeah we haven't actually reached 100K yet, and I'm expecting another pullback, maybe not as big as the first one. It just seems highly unlikely that we would have clear skies from here on out. But WTFDIK? I'll probably start some profit taking above 100K and start getting some better sleep at night lol
Hiding? I don't care which way this goes because its a win win... I'm not holding expiring calls like some other people around here lol. Ok so lets call 98k the hurdle not 100k then.