Key Points
- Bitcoin [BTC] has marked its first-ever daily close above $100,000, triggering record volumes and volatility in crypto trading markets.
- Large transactions, market activity trends, and leveraged positions are driving Bitcoin’s uncertain retest of $100K resistance.
Bitcoin’s Historic Milestone
Bitcoin [BTC] has achieved a significant milestone, marking its first-ever daily close above $100,000, according to crypto analyst Rekt Capital. The price breakthrough reflects growing bullish momentum in the crypto market and has sparked discussions about Bitcoin’s next potential moves as it retests this key level.
Volatility and Uncertainty at $100K Resistance
Rekt Capital’s analysis indicates ongoing volatility as Bitcoin undergoes its third consecutive retest of the $100,000 level. Despite the symmetrical triangle breakout earlier in December signaling bullish continuation, the current price action remains uncertain. Analysts are closely monitoring the critical zone of $99,757.85, identified as a key resistance-turned-support area. If BTC fails to hold above this level, it may retrace to deeper support areas such as $91,070.40 or even $87,325.43.
Large transaction volumes and market activity trends are also influencing Bitcoin’s price movements. Data from IntoTheBlock reveals that transaction peaks have aligned with major bull markets in 2013, 2017, 2021, and early 2024. Over the past seven days, Bitcoin saw a notable 1.43 million BTC in transaction volume on 5th December, 2024, which has since dropped to a 7-day low of 430,140 BTC on 8th December.
Leverage and Liquidations Driving Volatility
CoinGlass data shows significant activity in leveraged positions as traders navigate Bitcoin’s price movements. The 24-hour liquidation total reached $53.35 million, split between $27.75 million in longs and $25.60 million in shorts, indicating balanced pressure on both sides of the market. The largest liquidations occurred in the past 12 hours, where long positions dominated with $18.47 million liquidated.
Trading metrics also suggest elevated market activity. Bitcoin’s 24-hour trading volume rose by 79.01% to $66.65 billion, while open interest grew by 1.03% to $61.36 billion. In options markets, volume increased by 78.44% to $1.74 billion, with options open interest rising by 1.29% to $37.39 billion. These figures indicate heightened interest from traders and investors, particularly in derivatives markets, as Bitcoin’s price movements attract speculative and hedging activity.