Bitcoin fails to break $100,000, market sentiment reverses or welcomes a critical turning point

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In the past few days, the price trend of Bitcoin (BTC) has gradually improved, with bullish market sentiment rising. Last night, the price of Bitcoin once approached the historic $100,000, but as incremental investors gradually sold off, its upward momentum inevitably halted, and the price retreated to $98,000.

Key observation: Market expectations diverge from actual performance

On-chain analytics firm Santiment mentioned that Bitcoin's price often moves contrary to market actual expectations. Yesterday's trend once again validated this theory.

Performance: BTC rose from $94,000 on Christmas Eve to a recent high close to $100,000, but then quickly fell back. Market sentiment: Although traders' sentiment is clearly bullish at the moment, people generally speculate that BTC will quickly break through $110,000, but historical data shows that prices often achieve significant breakthroughs in situations that most people do not anticipate.

Key support levels and on-chain data

Key support level: Technical analyst Ali Martinez pointed out that $97,300 is a critical support point for Bitcoin. At this price level, 1.5 million BTC were purchased by approximately 1.51 million wallets for $150 billion. Panic selling risk: Sentiment warnings indicate that if Bitcoin falls below this critical support level, new investors may choose to panic sell due to fear, exacerbating price volatility.

Recent profit-taking

Data shows that on December 23 alone, investors realized $7 billion in Bitcoin profits. This large-scale profit-taking behavior further limits Bitcoin's short-term upside potential.

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