Bitcoin Overcomes Resistance Well above $100K
It looks like Bitcoin (BTC) is entering a new price range as it has surpassed $103K. The $100K price resistance it formerly encountered appears to have vaporized.
Sunday evening saw the BTC price rise to $106,488 (BTC/USD), which was a new all-time high. That surge has helped Bitcoin to stay above the $100k level as it declined again after the high. It would appear that the coin is going to stay above that new crucial level for the time being, which will help it to garner more widespread adoption and relevance among the wider financial markets.
For now, Bitcoin appears to be a very promising investment, having already moved from $65K just two months ago to more than $100K following the US election results. There was recent fear that the coin would struggle to keep its head above the $100K level, but that is not an issue right now. Instead, analysts and investors are wondering just how high it can go. We are sure to see new price predictions that place Bitcoin’s potential much higher than in previous predictions.
Selling Pressure Disappears
There was intense selling pressure at the $100K mark recently, as that became the new benchmark at which many investors had decided they were going to cash out. It looked for a while like Bitcoin would not be able to move much higher and that too many investors were selling off their coins.
Then immense positive pressure came from Bitcoin whales like MicroStrategy (MSTR), which bought up more than $2 billion in bitcoin just recently. Instead of following the selling off trend, they believed that Bitcoin has immense future potential and doubled down on their investment.
News that Russia and President Vladimir Putin may be establishing a Bitcoin national reserve also helped to relieve some of the selling pressure. If those rumors turn out to be true, then Bitcoin will become even more valuable and stable in the near future. Combine that with President-elect Donald Trump’s plans to make a US national Bitcoin reserve, and Bitcoin becomes a crypto coin that is well regarded by world leaders and potentially set to become one of the major currencies of the next few years.
As Bitcoin surges, we will likely see more quick declines but a strong support level close to $100K. The major investors should be keeping the ocean from falling below that level as best they can to ensure that it stays relevant as a stable investment option.
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