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What needs to change for Bitcoin to reach US$110,000, according to Santiment
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The price of Bitcoin came close to US$ 100 thousand yesterday (12/25) nightbut was held back by a wave of profit-taking by investors. The cryptocurrency had been performing positively in recent days, reaching $98,000 on Christmas Eve before reaching the recent high.
However, selling pressure prevented further appreciation, causing the asset to fall back to $95,500 at the moment. In the last 24 hours, the price of Bitcoin fell 2.6%.
The analytics company Santiment highlighted the relationship between market expectations and Bitcoin price movements. According to the company, asset prices generally behave opposite to the prevailing anticipation.
With the recent optimism regarding a possible rise for US$ 110 thousandSantiment warned that Bitcoin could take time to surpass US$ 100 thousand.
Bitcoin Price Analysis
This behavior was exemplified in recent days when BTC recovered some of its losses after falling from more than $108K to $92K last weekbut was unable to maintain the upward movement in the face of profit taking.
According to data shared by the technical analyst Ali Martinezonly in December 23investors realized more than $7 Billion in Bitcoin Profits.
Martinez also pointed out the importance of the level of support in US$97.3 thousandsustained by approximately 1.5 million BTC purchased by 1.51 million wallets at a cost of almost $150 billion. According to the analyst, it is crucial that the cryptocurrency remains above this level to avoid panic among new investors. He explained that generally, when these investors see their assets going into the red, they tend to sell quickly, which can intensify selling pressure.
Although the market is optimistictechnical behavior and the sales pattern may continue to limit Bitcoin’s movements in the short term. The total capitalization of the asset remains below $2 trillionwhile the market awaits further developments.
What needs to change for Bitcoin to reach US$110,000, according to Santiment
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What needs to change for Bitcoin to reach US$110,000, according to Santiment
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What needs to change for Bitcoin to reach US$110,000, according to Santiment
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What needs to change for Bitcoin to reach US$110,000, according to Santiment
