Ever since Donald Trump won the US elections three weeks ago, the bulls have reigned supreme in the cryptocurrency market. Bitcoin has been at the forefront of massive gains, surging from under $70,000 to over $99,000 within that timeframe.
In fact, the asset’s latest all-time high came on Friday at just over $99,800. At the time, the community expected another brief spike toward the six-figure territory, but the bears came out of the woods and didn’t allow that to happen.
Bitcoin retraced in the following days but has started to gain traction and now sits above $98,000, with the focus moving again toward $100,000.
The crypto community is highly hopeful that this massive milestone will fall today, but there’s some on-chain information that could shed more light on investors’ behavior.
IntoTheBlock outlined that roughly 60,000 bitcoin addresses accumulated 22.74K BTC at prices above the current one, which would suggest that they are slightly underwater now. These purchases serve as warnings because investors tend to cash out at even prices when the underlying asset recovers to those levels after a retracement.
At the same time, though, 458,000 addresses have amassed 344,000 BTC (valued at almost $34 billion) at prices between $96,717 and $98,293. According to the analytics platform, these levels have now turned into a “growing support” and could become a “strong foundation to fuel a move beyond $100K.”
The battle for $100k $BTC rages on.
While 60k addresses acquired 22.74k BTC above the current price, the real highlight is the growing support below:
458k addresses have amassed a staggering 344k BTC. A strong foundation to fuel a move beyond $100k pic.twitter.com/jJ9zqSX1kR
— IntoTheBlock (@intotheblock) November 25, 2024
The week ahead is expected to have some volatility due to these economic factors in the US. However, Thursday is a national holiday in the States, which could reduce some of the fluctuations.
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