Bitcoin Resistance Level Around $100,000
BitcoinPrice volatility increased as traders attempted to push it towards key support areas. On November 24, BTC approached $97,000 after facing strong selling pressure just below $100,000.
Source: TradingView
BTC has struggled to break above the $100,000 mark, with significant resistance forming in the order book. Sellers use tactics such as “deception” and place large orders to create artificial sales pressure. These actions sent Bitcoin prices lower over the weekend.
Analyst Skew highlighted the presence of an asking price wall between $99,000 and $99,500, causing the market to stall. Despite bid liquidity at $95,000, Skew still sees $97,300 as a key support level in recent sessions. He noted the importance of monitoring passive buyers to gauge market strength.
The $100,000 level remains a psychological barrier for traders and investors. A break above this would mark a major milestone in Bitcoin’s continued rise. Until then, sellers will take every opportunity to drive down the price and prevent Bitcoin from reaching this critical number.
As Bitcoin hit $99,800 on November 22, long-term holders cashed out substantial profits. Crypto quantization Analyst Maartunn reported an unrealized profit level of 57%, with daily realized profits totaling $443 million. This marks one of the most profitable days for long-term Bitcoin investors.
Profit-taking activity points to cautious optimism as traders brace for a potential pullback. Analysts are still eyeing important levels, such as $90,000, in anticipation of a possible short-term correction. How Bitcoin fares in the future will depend on its ability to sustain support above $97,000.
Despite the market’s current turmoil, some analysts remain hopeful about Bitcoin’s long-term potential. Cubic Analytics founder Caleb Franzen has reiterated his goal of Bitcoin reaching $175,000 by 2025.
Franzen’s latest analysis positions the ongoing bull market as “on track.” In his blog post, he noted Bitcoin’s stellar performance, up 77% since September 2024. achieve his goals.
His predictions are based on past patterns and the cyclical nature of Bitcoin price fluctuations. Franzen stressed that a long-term view is crucial to understanding Bitcoin’s often erratic price action.
Franzen contrasted this year’s bull market with previous cycles, demonstrating Bitcoin’s ability to rebound and outperform over the long term. For those who are optimistic, historical data can provide reassurance, although short-term volatility remains high.
As Bitcoin holds steady around $97,000, traders and investors continue to monitor its performance. Whether Bitcoin can break through resistance and reach new highs will largely depend on market activity in the coming days. The next big surge will likely be determined by interactions between buyers and sellers, which will increase interest in Bitcoin’s future.
