Bitcoin Surges Past $99,800 Amid Strong US Buyer Demand
Bitcoin has surpassed $99,800, approaching the psychological milestone of $100,000. Although it briefly tested this level, BTC has not yet broken through. Strong demand indicates a potential push past this barrier in the near future.
Data from CryptoQuant shows that the Coinbase Premium Gap is currently $224, reflecting significant buying activity from US investors on Coinbase compared to other exchanges.
Bitcoin’s dominance in the crypto market strengthens as the $100,000 level is seen as a critical supply zone. Despite not breaking through yet, the ongoing rally suggests Bitcoin's bull phase may continue. Market attention focuses on BTC’s capacity to maintain momentum and achieve new highs.
Bitcoin Price Action Remains Strong
Since November 5, Bitcoin has been in an upward trajectory with no signs of weakness. Although it did not break above $100,000 recently, price action remains robust. If Bitcoin holds above crucial demand levels, it could breach the $100,000 milestone soon.
CryptoQuant analyst Maartunn highlighted that strong demand from US investors drives this rally, supported by the $224 Coinbase Premium Gap metric.
This premium indicates heightened demand among US-based investors, suggesting willingness to pay higher prices on Coinbase than on other platforms.
Bitcoin's ability to sustain its upward trend depends on maintaining key support levels. The psychological resistance at $100,000 poses a challenge, but strong US investor demand points to continued strength ahead. Analysts anticipate another rally if Bitcoin decisively clears the $100,000 barrier.
BTC Rally Is Only Starting
Currently trading at $98,800 after a failed breakout above $100,000, Bitcoin maintains a bullish price action. Holding above essential demand levels reflects resilience in the market. The lack of retracement to lower prices keeps bullish momentum alive, encouraging optimism for a potential breakthrough.
If BTC stays above the critical $95,000 support level, the likelihood of surpassing the $100,000 psychological barrier increases. This would indicate strong buyer interest and potential for further gains.
If Bitcoin fails to maintain above $95,000, a retracement to lower demand zones could occur, allowing for consolidation before another attempt at breaking the $100,000 mark. The focus remains on Bitcoin’s ability to defend key support levels as the market awaits its next major move.
Featured image from Dall-E, chart from TradingView