Can Bitcoin Maintain Its Support Level At $100,000 Or Is A Decline Coming?$BTC

Bitcoin surpassed the long-awaited $100,000 milestone on Thursday morning, hitting an all-time high of $103,900 during US trading hours, according to CoinGecko data.

The historic climb followed brief concerns earlier in the day when a large amount of Bitcoin was transferred to exchanges, sparking fears of an impending sell-off. But those concerns were short-lived as Bitcoin quickly surged past the six-figure mark.

Market analysts suggest that Bitcoin’s price is unlikely to drop below $100,000 in the short term, citing strong buy demand. “The order book shows strong support at $100,000 with over 4,600 BTC in buy orders,” said BRN analyst Valentin Fournier. “On the sell side, there are around 3,400 BTC in buy orders below $110,000, suggesting weaker resistance compared to the hurdle that needs to be overcome to break above $100,000.”