#ThanksgivingBTCMoves

The Bitcoin price spiked above $97,000 in the early hours of Thanksgiving as the world’s largest cryptocurrency looked to mount another charge toward the $100,000 milestone.

U.S. markets may be closed Thursday as Americans enjoy the holiday, but crypto trading never stops. The digital asset was showing some of its trademark volatility as it jumped to $97,336 overnight from a 24-hour low of $92,900 late Wednesday afternoon.

Bitcoin’s march toward the key six-figure level was halted once again, though, as it slipped back to $95,402 Thursday morning.

XS.com analyst Rania Gule said there has been a “clear decline in institutional demand,” which, along with long-term holders taking profits, could signal continued volatility.  

U.S. spot Bitcoin exchange-traded funds (ETFs) recorded outflows of $123 million on Tuesday and $435 million on Monday, according to crypto data firm CoinGlass. The ETFs returned net inflows of $103 million Wednesday, though—suggesting an uptick in demand.