While the most anxious wait for the moment when the resistance of 100 thousand dollars is finally broken, speculators try to profit from the brand by taking profits.
Multiple bitcoins close to buy and sell price chart.
The bitcoin community was excited about the possible price break at $100,000 per unit, a resistance break that did not reach the market until this Saturday (23) morning.
In search of answers, Livecoins discovered a scenario that may have harmed the rise of BTC, which has not yet overcome the psychological price barrier.
It is worth remembering that bitcoin reaching US$ 100 thousand per unit is a scenario that has been awaited for years. To accompany this meteoric rise of the digital currency, the “laser eyes” movement, or “#LaserEyesUntil100K”, was even created. Thus, many have changed their profile pictures since 2021, to wait for the expected bitcoin price mark.
“Laser eyes” remain attentive to what prevented the price of bitcoin from surpassing 100 thousand dollars
However, as they wait anxiously, investors don't understand what has been holding up the price of bitcoin. That's because the current all-time high in the market, according to data from CoinMarketCap, is $99,655.50, reached on November 22, 2024.
In Brazil, helped by the Dollar, the historic high has been renewed more frequently, with each bitcoin currently costing R$577,512.39. However, the USD price is the global reference, which leads to more attention being paid to the USD/BTC pair.
On the world's largest exchange by volume, Binance recorded an even lower all-time high, with each bitcoin trading at a price of US$99,588.00, also last Friday. However, the report found that there is a wall of sales in the US$100,000 price range that may have hindered the continued rise.
Trade USDT/BTC on Binance with data consulted on November 23, 2024 by Livecoins. Reproduction.
In other brokers with great liquidity, such as Bybit, for example, the situation of a sales wall is the same, showing that many want to realize their bitcoin positions in dollars when the price reaches such a mark.
In other words, with significant selling pressure operating at the $100,000 mark, it is still unclear when the buying market will be able to push the bears and overcome the price.
Market even prepared online broadcasts for live breakup
The curious thing about the failure to break the resistance at $100,000 was the preparation of long-term holders for the moment. At X, for example, even a live broadcast showed the price in real time, with more than 780,000 people watching it live.
Live on X brings together investors to follow the break of the resistance of 100 thousand dollars. Live on X started on Friday (22) and continues active on Saturday (23).
With a rise of more than 40% in November 2024 alone, bitcoin is heading for one of the best months of the year, if the movement continues as seen so far. In any case, the most optimistic expect a renewed historical price until the new year, while the bears fight to profit in dollars.
