Close Menu
    Bitcoin

    Bitcoin Hovers Near $100,000 Threshold as Weekend Trading Surge Anticipated

    By No Comments2 Mins Read

    30s Summary

    Bitcoin’s price is nearing $100,000 but has been unable to surpass this threshold due to substantial sell orders around it. Increased Bitcoin purchases are predicted for the weekend due to the absence of Bitcoin Exchange Traded Funds (ETFs) operating. Short-term traders may face challenges once the price hits $99,500. Despite this, there is a significant number of buyers on Coinbase, giving a positive outlook for Bitcoin’s future. However, potential investors are encouraged to conduct their own research due to the inherent risks of trading and investing.

    Full Article

    The price of Bitcoin is inching close to $100,000, but it seems to be repeatedly missing the mark. Let’s explore why this is happening and how traders anticipate Bitcoin’s value might change once it hits that $100,000 milestone.

    Based on the daily Bitcoin chart at Coinbase, there’s a whole slew of sell orders around the $100,000 mark, and another rush of them around $103,000. Noted crypto analyst Skew mentions that while genuine interest in buying Bitcoin might be increasing, there’s a significant volume of Bitcoin up for sale at $100,000.

    Resource Material Indicators predicts that the weekend might see an increase in Bitcoin purchases. This is because the number of sell orders near $100,000 is quite high, and Bitcoin Exchange Traded Funds (ETFs) don’t operate on weekends, creating opportunities for buyers to swoop in.

    Bitcoin liquidation maps from CoinGlass highlight $99,500 as the price where short-term traders begin to feel the heat, especially those using 50x and 100x leverage. These high-risk positions are typically held by smaller retail traders and are subject to quick liquidation. Hence, a strong push from either futures or spot markets could cause Bitcoin’s price to quickly rise.

    At the time of writing, there’s a significant number of buyers on Coinbase, where Bitcoin is trading at a higher price than elsewhere. Some traders view the higher price on Coinbase compared to other exchanges as a positive sign. Furthermore, Bitcoin futures on the Chicago Mercantile Exchange (CME) are trading at $99,600, suggesting that Bitcoin’s spot price could follow if futures hit $100,000.

    Just keep in mind, investing and trading carry risks, so always do your own research first.

    Related Posts