Bitcoin (BTC) Makes Final Push to $100,000
Bitcoin (BTC), the world’s leading cryptocurrency, appears to have initiated a final push for the historic $100,000 level. Data shows that the BTC price has reclaimed $97,476.16, representing a 2.05% increase in the last 24 hours.
Bitcoin and month of strong performance
This price level follows Bitcoin’s rebound from a low of $94,729 in earlier trading. As November’s market activity looks set to close in less than 48 hours, Bitcoin appears ready to retest the psychological $100,000 price mark.
Interestingly, despite disappointing investors and traders because it has yet to climb past the anticipated $100,000, Bitcoin’s performance remains striking. CoinGlass data reveal that Bitcoin recorded staggering growth this November, or about a 37% rise.
This is the fourth-best month for Bitcoin in terms of price performance since October 2021. This month’s performance is surpassed only by 44% growth in February 2024 and 40% in January 2023 and October 2021.
This month’s performance is linked to various macroeconomic factors, including rate cuts.
Meanwhile, the expiration of Bitcoin’s options contracts worth $9.4 billion has also nudged the coin up a bit in the market. However, Bitcoin market volume has dropped considerably by 34.48% to $47.10 billion.
This metric signals investors have remained cautious about the coin’s ability to cross $100,000 this cycle.
Could institutional interest unlock 100K?Despite these concerns, analysts believe any shift in market forces could tilt BTC over this historic level that has resisted Bitcoin’s push for a couple of weeks.
For instance, there is a growing rekindling of interest from institutional players. Although institutional enthusiasm for Bitcoin appears to have suffered a decline, renewed interest could act as a catalyst to fuel price action. Spot Bitcoin ETF products are now accessible to investors in the U.S. and other regions.
