Bitcoin struggles to break $100K but remains one of 2024’s top-performing assets. Will BTC finally push past this key resistance?
Bitcoin Holds Strong Near $100K Resistance
Bitcoin has faced strong resistance at the $100,000 level this month, experiencing volatility without a decisive breakout. Despite this, it remains one of the best-performing assets of the year and could soon resume its upward trajectory.
Bitcoin Investors Stay in Profit
While altcoins—especially ERC20 tokens—have seen heavy sell-offs, Bitcoin has held its ground. This relative stability signals strength, even as the broader crypto market struggles with adoption and positioning challenges.
Bitcoin’s ability to maintain its position suggests that it could lead the next market rally once investor sentiment improves.
Whales Accumulate as Retail Traders Exit
One key indicator of Bitcoin’s long-term strength is the declining number of non-empty wallets. The metric has hit its lowest level in two months, suggesting that smaller traders are exiting due to market fears.
Historically, when retail participation drops, large investors (whales and sharks) accumulate BTC. This often sets the stage for a future price surge, as these players have the capital to drive the market higher.
Bitcoin Price Outlook: On Track for $100K?
Bitcoin has remained above its uptrend line for the past two months, except for a brief dip last month. Currently, BTC trades at $96,177, holding above the critical $95,869 support level.
- Bullish Scenario: If Bitcoin maintains this support, it could soon break above $100,000, marking a major milestone.
- Bearish Scenario: A drop below $95,869 could push BTC down to $93,625, invalidating the current bullish outlook.
With strong investor backing and macro momentum in its favor, Bitcoin appears well-positioned to make another attempt at $100K in the coming days.
