30s Summary

Bitcoin struggled to reach the $100,000 mark on November 22 due to hefty selling pressure. This halted the crypto’s growth, bringing its value down to under $97,300. Most selling transactions fell between $100 and $1,000, with Bitcoin “whales” holding onto their assets. However, inflows into U.S. Bitcoin exchange-traded funds (ETFs) remained strong. Analysts speculate a possible dip into mid-$90,000s before a rebound is seen, with some observing bullish trends on the 4-hour relative strength index. The traders assert it is crucial for big investors to start selling their Bitcoin to make breaking the $100,000 mark easier.

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Bitcoin (BTC) had a tough time trying to reach $100,000 on November 22nd, as a whopping $300 million dollar hurdle stopped it in its tracks.

Data sources Cointelegraph Markets Pro and TradingView show Bitcoin’s value going down as Wall Street begins trading for the day. BTC fell to under $97,300, a drop of about 1.2% for the day when last noted.

Bitcoin tried to hit the important six-figure mark earlier but was stopped short by sellers throwing lots of Bitconin up for sale – which is pretty usual when Bitcoin hits major levels. Trading experts Material Indicators highlighted a massive wall of Bitcoin being sold in the range of $99,300 to $100,000.

Lots of this sell-off happened on Binance, one of the largest Bitcoin exchanges, where the $100,000 mark held strong and only got stronger over a few hours. “The good news is there has been a slight bit of erosion in the last few hours,” Material Indicators said, but added, “The bad news is, it’s nearly $300M.”

The details show most of the selling transactions were between $100 and $1,000 with the big Bitcoin holders (aka whales) not ready to let go of their Bitcoin just yet. “It would actually be good to see whales start dumping blocks of Bitcoin…to ultimately make the wall easier to penetrate,” Material Indicators suggested.

Looking at the bigger picture though, the U.S. Bitcoin exchange-traded funds (ETFs) remained strong with another day of inflows over $1 billion on November 21st, showing that institutions are still very interested.

Other traders are looking at where Bitcoin could dip to next, with popular trader Crypto Chase guessing a drop to $90,000 in an “optimal scenario”. Another trader, CJ was guessing somewhere in the mid-$90,000s.

On the flip side, trader Roman pointed out some encouraging signs for Bitcoin to rebound, noting some bullish trends on the 4-hour relative strength index (RSI). This measure fell by 10 points during the day, going below the 70 point “overbought” level. “Big bull signs forming… We should see the trend go up as a result,” Roman predicted to his followers, adding, “I think we break 100k today or tomorrow as this entire trend is very strong.”

Please remember, any kind of investment and trading involve risk. Always do your own research before making financial decisions.