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.”
IntotheBlock Chief Marketing Officer Vincent Maliepaard explained that a notable “net inflow” of over 8,000 BTC worth around $860 million was seen on exchanges on Wednesday. Such moves typically indicate that investors may be preparing to sell or take profits at current price levels.
“It is not yet clear how many investors will use this new high to take profits,” Maliepaard said. “We update this data daily and will have a clearer picture tomorrow.”
*This is not investment advice.
