Bitcoin (BTC) is hitting a "massive sell wall" as it approaches the $100,000 mark, according to Singapore-based crypto trading firm QCP Capital. In a Telegram post this week, the firm said BTC started the week with some gains, however, it is now up against a volume of sell orders at higher prices. QCP Capital pointed out that Bitcoin has struggled to break past the $100,000 level since mid-December 2021. The firm notes that funding rates in the BTC perpetual futures market are currently relatively low, suggesting a lack of enthusiasm for a pre-inauguration rally like the one seen when Donald Trump was elected in 2016. With no major crypto-specific catalysts on the horizon, QCP Capital says the market's attention this week will likely be on Friday's U.S. nonfarm payrolls report, which will be the first employment report of the year.

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