At the beginning of Wednesday, Bitcoin analysts expressed concern about a large amount of BTC being transferred onto exchanges, indicating a potential obstacle on its path to reaching a six-digit milestone. However, this situation didn’t last long. Last night, during U.S. trading hours, the Bitcoin price surged to as high as $103,679, according to CoinGecko data. Even now, as the price hovers around $103,511, with an 8% increase compared to the previous day, it is on the verge of reaching a new all-time high.
Traders’ reactions to this development have been positive. According to the order books, there is no indication of a quick retreat below $100,000. Valentin Fournier, an analyst at BRN, stated that there is strong support at the $100,000 level, with over 4,600 BTC in buy orders. On the sell side, there are approximately 3,400 BTC in orders below the $110,000 level, suggesting weaker resistance compared to the previous barrier at $100,000.
In addition, the firm IntotheBlock observed a significant net inflow of over 8,000 BTC (worth approximately $860 million) onto exchanges yesterday. However, it is uncertain how many other investors will take advantage of this new high to make profits. Vincent Maliepaard, the Marketing Director of IntotheBlock, mentioned that they update this data daily and will not have the complete information until early tomorrow.
When considering the overall activity of traders, including buying, swapping, and selling, today’s trading volume has already exceeded that of yesterday. On Wednesday, approximately $87 billion worth of Bitcoin was traded, while on Thursday, CoinGecko data shows that over $98 billion has already been traded.
It is worth noting that the busiest day for Bitcoin traders this year was November 13, when Bitcoin surpassed $93,000 for the first time. Analysts were confident that the so-called “Trump trade” would push BTC to $100,000 before the end of the year, resulting in over $152 billion worth of Bitcoin being traded on that day.
Edited by Andrew Hayward.