#ThanksgivingBTCMoves
Bitcoin has been marching towards the key level of $100,000.
AFP VIA GETTY IMAGES
The price of Bitcoin surged above $97,000 in the early hours of Thanksgiving Day as the world's largest cryptocurrency sought to mount another attack towards the $100,000 milestone.
US markets may be closed on Thursday as Americans enjoy the holiday, but cryptocurrency trading never stops. The digital asset showed some of its characteristic volatility, jumping to $97,336 overnight from a 24-hour low of $92,900 late Wednesday afternoon.
However, Bitcoin's march towards the key six-figure level was halted once again, as it retreated to $95,402 on Thursday morning.
Rania Gule, an analyst at XS.com, said there has been a "clear decline in institutional demand," which, along with profit-taking by long-term holders, could indicate ongoing volatility.
Bitcoin exchange-traded funds (ETFs) in the United States recorded outflows of $123 million on Tuesday and $435 million on Monday, according to cryptocurrency data firm CoinGlass. However, the ETFs saw net inflows of $103 million on Wednesday, suggesting a rebound in demand.
Gule stated that Bitcoin cannot continue to grow above the $100,000 level "without experiencing some kind of pullback," and that a correction could be imminent. "This correction may be necessary to consolidate Bitcoin's gains and stabilize the market, allowing the currency to continue its upward trend in the medium and long term."
Other cryptocurrencies also gained ground on Thanksgiving Day: Ether, the second-largest digital asset in the world, rose 4% to $3,620, Dogecoin rose 2.5% to around 40 cents, and Solana rose 2% to $235.93.
