Key Points
- Bitcoin (BTC) has surpassed the $100,000 mark for the first time, with its value at $103,197.
- The future sustainability of this price level is still uncertain due to potential profit-taking.
Bitcoin, the leading cryptocurrency, has reached a historic milestone, surpassing the $100,000 mark for the first time.
The current value of BTC is $103,197, a significant increase of over 7% in just over 48 hours.
Can Bitcoin Maintain Its Price?
The question now is whether Bitcoin can sustain this high price level, or if it will succumb to profit-taking. Only time will provide an answer.
Several Bitcoin advocates have long predicted that Bitcoin would eventually reach six figures. That day has now come.
This latest achievement can be attributed to strong demand from both the spot and derivatives markets. Bitcoin ETFs, approved earlier this year, have also played a significant role in this rally through intense accumulation.
Market Indicators and Future Predictions
At the time of writing, BTC’s moving average was well below the price candles, indicating bullish momentum. The Chaikin Money Flow’s positive reading suggested the same.
However, the RSI was well above 70, indicating a potentially overbought market. This could be the first sign of an upcoming price correction.
Profit-taking is expected after BTC’s surge above $100,000. However, at the time of writing, the cryptocurrency’s metrics did not indicate this.
Contrarily, metrics like Bitcoin’s exchange reserves showed a decrease, suggesting a lack of selling pressure in the market.
The total Bitcoin futures Open Interest on exchanges has soared to $64.70 billion, indicating strong demand in the derivatives segment.
Finally, the ratio of Bitcoin longs vs. shorts, according to Coinglass, suggested that the market was still largely bullish at press time.