Bitcoin Faces a Psychological Barrier

Bitcoin has been hovering near the $100,000 mark for several days but has yet to surpass this significant milestone. At the start of the week, BTC experienced a nearly 2% drop, falling to approximately $95,000 before beginning to recover.

Over the past two weeks, Bitcoin's price has been trading within the range of $90,000–98,000, with the $100,000 level serving as strong resistance.

Key Obstacles According to the Analyst

According to Valentin Fournier, an analyst at BRN, several factors are preventing Bitcoin from crossing this level:

  • Profit-taking: "Despite strong catalysts and growing investor confidence, Bitcoin continues to struggle with the psychological barrier of $100,000," Fournier noted.

  • Sell Wall: Reaching higher highs requires overcoming a significant sell wall of more than 4,000 BTC, valued at approximately $384 million.

Macroeconomic Influences

Bitcoin is also affected by broader macroeconomic conditions, particularly expectations surrounding actions by the Federal Reserve (Fed) in the United States.

  • Shift in Rate Expectations: According to the CME FedWatch tool, the probability of a 25 basis point rate cut at the December 18 FOMC meeting dropped from 67% to 61%.

  • Market Uncertainty: Changes in investor sentiment regarding Fed actions add to Bitcoin’s price volatility.

Key Events This Week

Investors are closely watching critical economic reports and speeches from key officials this week, which could impact Bitcoin's price trajectory:

  1. Non-farm payroll report for November and U.S. unemployment rate.

  2. Speech by Federal Reserve Chair Jerome Powell.

  3. Two speeches by SEC Chair Gary Gensler.

Conclusion

Crossing the $100,000 mark remains a challenge for Bitcoin due to a combination of psychological, market, and macroeconomic hurdles. A strong sell wall, profit-taking, and uncertainty over Fed decisions are keeping BTC below this milestone. Investors are closely monitoring developments that could determine the future direction of Bitcoin's price trajectory.

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