#ThanksgivingBTCMoves Bitcoin sees a surge on Thanksgiving. What drives cryptocurrency transactions during the holidays?

The largest cryptocurrency has been volatile ahead of the holidays, pulling back after its advance towards the key $100,000 level.

The price of Bitcoin surged above $97,000 in the early hours of Thanksgiving Day as the world's largest cryptocurrency sought to mount another attack towards the $100,000 milestone.

The U.S. markets may be closed on Thursday as Americans enjoy the holiday, but cryptocurrency trading never stops. The digital asset showed some of its characteristic volatility, as it jumped to $ 97.336 overnight from a 24-hour low of $ 92.900 late Wednesday afternoon.

However, Bitcoin's march towards the key six-figure level halted once again, as it pulled back to $ 95.402 on Thursday morning.

Rania Gule, an analyst at XS.com, said there has been a "clear decrease in institutional demand," which, along with profit-taking by long-term holders, could indicate continued volatility.

Bitcoin exchange-traded funds (ETFs) in the United States recorded outflows of $123 million on Tuesday and $435 million on Monday, according to cryptocurrency data firm CoinGlass. However, ETFs saw net inflows of $103 million on Wednesday, suggesting a rebound in demand.

Gule said that Bitcoin cannot continue to grow above the $100,000 level "without experiencing some form of pullback," and that a correction could be imminent. "This correction may be necessary to consolidate Bitcoin's gains and stabilize the market, allowing the currency to continue its upward trend in the medium to long term."