Bitcoin’s $100000 march halted by key obstacles

Bitcoin’s journey towards $100,000 seems to have hit a roadblock lately. Despite a strong rally post-election, the cryptocurrency is still trading below the coveted six-digit mark. Since November 5, when Trump was re-elected as president, Bitcoin has surged over 40%, coming close to $100,000 but not quite reaching it yet.

Although Trump’s inauguration is not until 2025, his positive remarks about cryptocurrencies have had a significant impact on sentiment. Just last week, Bitcoin hit a new all-time high, surpassing $99,000 for the first time. However, the momentum seems to have slowed down a bit, with Bitcoin currently trading around $98,243.25.

So, what’s holding Bitcoin back from crossing the $100,000 milestone? Analysts point to a few reasons. Andre Dragosch from Bitwise suggests that investors might be taking profits after the post-election rally. Long-term holders seem to be selling off significant amounts of Bitcoin, causing the price to stabilize for now.

Mark Novogratz, CEO of Galaxy Digital, also believes that a correction is imminent due to the high leverage in the system. He advises investors to stick to “straight bitcoin” rather than other Bitcoin-exposed investments. Furthermore, Novogratz mentioned a large seller dumping Bitcoin recently, impacting its price.

David Morrison from Trade Nation thinks that $100,000 could be a challenging level for Bitcoin to surpass, especially if long-term holders decide to cash out. However, there is still a possibility of upward momentum building up for another surge.

Deutsche Bank’s Marion Laboure highlights Trump’s pro-crypto stance but warns that concrete federal crypto legislation is still far off. She sees regulations as a positive move for the industry but believes that major reforms might face hurdles in Congress.

As Bitcoin continues its journey towards $100,000, the market remains dynamic and filled with potential. While the milestone may seem just out of reach for now, the crypto world is full of surprises, and Bitcoin’s resilience is a testament to its staying power.