Since Donald Trump’s election win, the cryptocurrency market has experienced a surge in prices. Bitcoin, in particular, has increased from under $70,000 to over $99,000 within three weeks. Despite reaching an all-time high of $99,800, the price dropped briefly due to the bears’ intervention. However, Bitcoin has since gained traction and is now above $98,000, with a focus on reaching $100,000.
On-chain data from IntoTheBlock suggests that 60,000 bitcoin addresses accumulated 22.74K BTC at prices above the current one, indicating they are somewhat underwater now. These purchases serve as warnings, as investors tend to cash out at even prices when the asset recovers to those levels after a retracement.
Meanwhile, 458,000 addresses have amassed 344,000 BTC (valued at almost $34 billion) at prices between $96,717 and $98,293. These levels have now turned into a “growing support” and could become a “strong foundation to fuel a move beyond $100K.” The market is expected to remain volatile in the coming days due to economic factors in the US, but Thursday’s national holiday may reduce some of the fluctuations.
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<p>The post Title: Bitcoin Soars: The Battle for $100K Continues Amid Crypto Market Gains and Economic Factors Engaging Title: Bitcoin’s Surge to $100K: Key Factors and Investor Behavior Analysis first appeared on CoinBuzzFeed.</p>
