#Bitcoin about to break the psychological barrier of 100,000 dollars
The cryptocurrency market has started the week on a positive note, with Bitcoin dangerously close to the psychological mark of 100,000 dollars. However, this new attempt to surpass this key level faces strong resistance, similar to that experienced in December.
What factors are influencing this movement?
Selling pressure: Just like in December, the 100,000 dollar level is acting as a strong magnet for sell orders. Traders are taking this opportunity to secure their profits or reduce their positions.
Funding: While funding spiked above 60% when this level was first broken, this time it remains at healthy levels. This suggests that the market is not as overheated as it was in December and there may be greater room for maneuver.
External catalysts: The absence of specific catalysts related to #TRUMP at least until his inauguration reduces uncertainty in the market. However, attention will focus on economic data from the United States, especially the January employment report.
Volatility: Volatility levels remain relatively low, indicating a more neutral market sentiment.
What can we expect in the short term?
Bitcoin's ability to surpass 100,000 dollars will largely depend on the evolution of the following factors:
Economic data: U.S. employment data, especially JOLTS and ADP figures, could influence risk appetite and, therefore, the price of Bitcoin.
The Bitcoin market is at a crucial moment. The ability to surpass 100,000 dollars will be a litmus test for the strength of this cryptocurrency. Investors should keep an eye on economic data, investment flows, and market sentiment to make informed decisions.