The battle for $100,000 depends on these Bitcoin addresses: ITB

Since Donald Trump won the US election three weeks ago, bulls have reigned supreme in the cryptocurrency market. Bitcoin has been at the forefront of massive gains, rising from less than $70,000 to more than $99,000 in that time frame.

In fact, the asset’s most recent all-time high was reached on Friday at just over $99,800. At that point, the community expected another short climb into six-figure territory, but the bears came out of the woods and wouldn’t allow that to happen.

Bitcoin retraced in the following days, but has started to gain traction and is now above $98,000, with the focus moving back towards $100,000.

The crypto community has high hopes that this massive milestone will drop today, but there is information on the chain that could shed more light on investor behavior.

IntoTheBlock described approximately 60,000 bitcoin addresses holding 22.74K BTC at higher prices than today, which would suggest that they are now slightly underwater. These purchases serve as warnings because investors tend to cash in at par prices when the underlying asset recovers to these levels after a pullback.

At the same time, however, 458,000 addresses have amassed 344,000 BTC (valued at nearly $34 billion) at prices between $96,717 and $98,293. According to the analytics platform, these levels have now become “rising support” and could become a “solid base to drive a move beyond $100,000.”

The battle for $100,000 $BTC makes angry

While 60,000 addresses acquired 22,74,000 BTC above the current price, the highlight is the growing support below:

458k addresses have amassed a staggering 344k BTC. A solid foundation to fuel a move beyond $100,000 pic.twitter.com/jJ9zqSX1kR

— IntoTheBlock (@intotheblock) November 25, 2024

Next week is expected to have some volatility due to these economic factors in the US. However, Thursday is a national holiday in the United States, which could reduce some of the fluctuations.

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