The current price of Bitcoin is not recommended for entry; wait for a pullback and analyze the overall market.

According to ChainCatcher, BTC is under pressure at $99,000. Statistics on large orders show that large holders have accumulated $62.51 million in sell orders above this level, with an average selling price of $99,001.9.

Michael Novogratz, founder and CEO of Galaxy Digital, stated that Bitcoin is expected to break through the highly anticipated $100,000 barrier during a strong rebound after the U.S. elections, but this does not mean it will continue to rise. Although reaching six figures for Bitcoin is 'inevitable' and may continue to rise, a pullback will eventually occur. Currently, there is a significant amount of leverage in the cryptocurrency market, and the crypto community is highly leveraged, so a market correction is imminent.

This indicates that there is considerable selling pressure at the $99,000 position, and there is some pressure at the $100,000 level, but it should just be a minor fluctuation. Personally, I still believe in a pullback to see a rebound; if today's closing does not remain above $98,700, it is highly likely to fluctuate between $98,700 and $97,642 at a high level. The short-term resistance levels for BTC are at $100,000 and $99,299, while the support levels are at $97,642 and $96,000. The support levels can be used to set up short-term long positions, but the pressure levels are too high, and appropriate profit-taking should be done near those levels.

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