With the recent rise in the cryptocurrency market, Bitcoin$BTC
It is approaching the $100,000 level. However, whether this upward movement of the leading cryptocurrency will be sustainable or not creates uncertainty for investors. Market data may provide a clearer answer to this question in the coming days.
Well-known analyst Ali Martinez made a remarkable suggestion to investors. Martinez recommended that investors sell 25% of their assets if the Bitcoin price rises between $173,000 and $200,000. If Bitcoin rises to $200,000 to $300,000, he suggested selling another 30% of assets.
According to Glassnode data, Bitcoin is still trading within a certain price range. The Pi Cycle Top indicator determines Bitcoin’s possible market top at $121,000 and its market bottom at $66,000. This suggests that the $100,000 target is within reach.
In addition, investors’ interest in Bitcoin is quite high. According to on-chain data, 65,000 Bitcoins have been withdrawn from exchanges recently, indicating that buying pressure is strong.
The Coinbase Premium indicator also shows that there is a continuing positive buying trend among US investors towards Bitcoin. This index is used as a tool that compares the Bitcoin price on the Coinbase exchange with the general market price.
However, Bitcoin needs to overcome some obstacles to reach $100,000. The liquidation heatmap reveals a strong resistance at $98,900. An increase in liquidation rates is usually a barrier that can lead to a price correction. This could be a barrier for Bitcoin to reach its targeted levels.