Key Bitcoin Levels Under The Spotlight This Weekend: Insights From Glassnode
Bitcoin (BTC), the largest cryptocurrency by market capitalization, has experienced a significant upward trend over the past three weeks, approaching the elusive $100,000 mark.
This is as follows donald trump’s victory The victory over Democratic candidate Kamala Harris in the presidential election has bolstered investor confidence in a new era for the broader industry.
This has led to increased adoption of the leading cryptocurrency, with major companies around the world adopting it as strategic reserve assets. Additionally, inflows into exchange-traded funds (ETFs) have increased, further fueling the bull run.
However, following the recent 7% correction, Bitcoin price fell to around $91,000. It then regained the $96,000 mark, raising questions about whether it could break through the psychological barrier. $100,000 threshold Before the end of the year.
Key support at $92,700
Last week’s peak price of $99,540 left investors wondering if Bitcoin could sustain its momentum, or if selling pressure will lead to further consolidation.
Despite the uncertainty, Glassnode founders Yann Allemann and Jan Happel provided insight into Bitcoin’s potential trajectory as December approaches. They acknowledge the challenges but insist the $100,000 goal remains feasible.
Related reading
in a social media posts On X (formerly Twitter), Allemann and Happel outlined key levels to watch in Bitcoin price action.
They noted that while Bitcoin is currently in a bullish channel, the $97,200 resistance level has yet to be overcome. If this resistance holds, support at $92,700 will be retested (in line with the daily 20-day index) simple moving average (SMA) – Possibly.
The two founders believe this support area is crucial to sustain the bullish channel and maintain the $100,000 target.
Bitcoin could surge to $125,000 to $140,000 by year’s end
Cryptocurrency analyst Ali Martinez adds to bullish sentiment Highlight Historical trends show that Bitcoin typically surges in December following the U.S. presidential election.
Bitcoin has gained 30% and 46% in the past two cycles, and Martinez speculates that if history repeats itself, Bitcoin could close this year between $125,000 and $140,000.
Related reading
Martinez further point out Long-term Bitcoin holders have been taking profits as the price climbed from $62,000 to $99,000. However, he emphasized that this kind of profit-taking behavior is typical during bull markets and should not be interpreted as a signal to short the asset.
Analysts assert that based on historical patterns, long-term holders typically realize gains as prices rise, which could create short term fluctuations But it doesn’t necessarily indicate a shift in overall market trends.
At the time of writing, BTC is trading at $96,500, down a modest 0.3% in 24 hours and nearly 2% over the past week.
Featured images from DALL-E, charts from TradingView.com
