Bitcoin Hits $100K: A Matter of When, Not If

Bitcoin is approaching $100K, as market participants have built a $300 million sell wall. Will Bitcoin be able to break the $100K barrier?

Bitcoin Bitcoin $99,273

The price is approaching the $100K level, but repeated rejections near that level continue.

Let’s take a quick look at why, along with traders’ expectations for what Bitcoin might do once it hits the $100K mark.

Looking at the daily chart of the BTC/USD pair on Coinbase, there is a thick wall of sell orders at the $100,000 level and also at the $103,000 level.

According to popular crypto analyst Skew, “limited supply” is “moving higher with primary spot buyers,” but “much of the total spot supply [is] around $100K.”

Material indicators indicate that opportunities to buy Bitcoin on the dip will emerge over the weekend due to the thickness of the selling walls near $100,000 and the fact that Bitcoin exchange-traded funds (ETFs) are “off” on Saturday and Sunday.