The past three weeks have seen a surge in the cryptocurrency market, particularly with Bitcoin leading the way in massive gains. Following Donald Trump’s win in the US elections, Bitcoin’s value has increased from under $70,000 to over $99,000. Despite reaching an all-time high of just over $99,800, the asset experienced a brief retracement.
However, Bitcoin has since started regaining traction and is currently sitting above $98,000, with investors now focusing on a potential move towards $100,000. Insights from IntoTheBlock indicate that around 60,000 Bitcoin addresses have accumulated 22,740 BTC at prices above the current level, suggesting that they might be underwater now.
These purchases act as warnings as investors usually cash out at even prices when the underlying asset recovers to those levels after a retracement. On the other hand, 458,000 addresses have amassed 344,000 BTC (valued at almost $34 billion) at prices between $96,717 and $98,293, which the analytics platform suggests could now serve as a growing support and potentially become a strong foundation for a move beyond $100K.
Despite the ongoing battle for $100k, the growing support below this price level is a significant factor that could lead to a potential move beyond $100k. While the next week is expected to have some volatility due to economic factors in the US, Thursday’s national holiday in the States may help reduce some fluctuations.
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<p>The post Bulls Dominate Crypto Market: Bitcoin Nears $100,000 Milestone first appeared on CoinBuzzFeed.</p>
