Why Bitcoin fell short of reaching the $100,000 historical
milestone?
Last week, the crypto market was on edge as Bitcoin neared the $100,000 threshold, only to be let down when its momentum
stalled and quickly reversed.
The cryptocurrency hit a record high of $99,655.50 on Friday,
but fell short of the six-figure mark. By 2:53 p.m. ET on Tuesday, Bitcoin was trading at $91,749, reflecting a nearly 8% decline
from its all-time high.
Matt Mena, a crypto research strategist at 21Shares, pointed
out that the $100,000 level serves as a psychological trigger for
investors who have been holding Bitcoin since its last bull run.
In an interview with Business Insider, he explained that many
holders likely anticipated a drop around this price and decided
to sell some of their assets to lock in profits. Mena highlighted
that this type of behavior has been observed at previous Bitcoin price peaks.
A similar trend unfolded earlier this year in March, when Bitcoin lingered near its previous all-time high of $69,000 from 2021 for almost a week before eventually surpassing it. "As the price
neared this level, many participants from the previous cycle
began taking profits, expecting a potential sell-off," Mena
explained in an email to Business Insider.