The price of Bitcoin falls due to profit-taking and a significant wall of sales that hinders the rebound
Bitcoin started the week on a weak note, dropping more than 2% to around $94,900. The digital asset has been in a range between $90,000 and $98,000 for the past two weeks, facing persistent resistance near the psychologically significant level of $100,000.
BRN analyst Valentin Fournier highlighted the significant obstacles Bitcoin faces in surpassing $100,000. "Despite strong market catalysts and growing investor confidence, Bitcoin continues to struggle with the psychological barrier of $100,000," Fournier noted in an email to The Block. "Profit-taking is evident, and a significant wall of sale of more than 4,000 bitcoins, valued at approximately $384 million, must be overcome before higher levels can be reached".