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Bitcoin has breached the $99,800 mark, hitting another all-time high as it moves closer to the psychological $100,000 milestone. Despite briefly testing the level, BTC has yet to break through, leaving investors and analysts eagerly anticipating the next move. With demand remaining strong, the stage appears set for Bitcoin to overcome this major hurdle in the coming days.
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Recent data from CryptoQuant highlights a key factor driving this rally: the Coinbase premium gap, currently at $224. This metric, representing the price difference between Bitcoin on Coinbase and other global exchanges, indicates strong buying activity from US Coinbase investors.
The ever-increasing momentum has further solidified Bitcoin’s dominance in the crypto market, with many viewing the $100,000 level as a critical supply zone. Although the price has not yet broken out, the ongoing rally reflects a growing sentiment that Bitcoin’s parabolic bullish phase is far from over. As the market approaches this crucial moment, all eyes will be on BTC’s ability to maintain its momentum and hit new highs, setting the tone for the coming weeks.
Bitcoin price action remains strong
Bitcoin has been in the “only up” phase since November 5, showing no signs of weakness as it continues to climb to new highs. Despite failing to break the $100,000 mark yesterday, the price action remains incredibly strong. Bulls are firmly in control, and if Bitcoin remains above a key demand level, the long-anticipated $100,000 milestone could be breached in a matter of hours.
CryptoQuant analyst Martun reveals there is strong demand from US investors A major driving force behind this rally isAccording to their data, the Coinbase premium gap – a metric that tracks the price difference between Bitcoin on Coinbase and other global exchanges – stands at $224.
This positive premium underlines US-based buying activity as a key factor in the current bullish momentum. Higher premiums often indicate that investors on Coinbase are willing to pay a higher price than others, which is a strong indicator of increased demand.
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As the market watches closely, Bitcoin’s ability to maintain its upward trajectory depends on staying above important support levels. Psychological resistance at $100,000 remains formidable, but the unwavering appetite from US investors points to continued strength in the days ahead. With such solid fundamentals, many analysts believe Bitcoin is poised for another explosive rally once the $100,000 barrier is decisively breached.
The BTC rally is just getting started
Bitcoin is trading at $98,800 after a failed breakout above the much-anticipated $100,000 mark. Despite this temporary setback, price action remains bullish as BTC remains above key demand levels, showing resilience and strength in the current market. The failure to bounce back to lower prices suggests that the bullish momentum is still intact, with investors remaining optimistic about a potential breakout.
If BTC maintains its position above the important $95,000 support level, the chances of overcoming the $100,000 psychological barrier increase significantly. Holding above this level would indicate strong buyer interest and the possibility of further upside, paving the way for Bitcoin to continue its upward trend in the near term.
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However, if Bitcoin fails to hold above $95,000, a return to low-demand areas would confirm a short-term correction. Such a pullback could provide the fuel needed for the next rally, as it would allow the market to consolidate before making another attempt to break the $100,000 mark.
For now, all eyes are on Bitcoin’s ability to defend its key support levels as the market anticipates the next major move in this historic rally.
Image displayed from Dell-E, chart from TradingView
