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Key Factors Holding BTC Back and Potential Risks
The post Key Factors Holding BTC Back and Potential Risks appeared on BitcoinEthereumNews.com. Bitcoin’s price recovered from the most substantial declines earlier this week that drove it to a monthly low but still struggles to return to six-digit territory. With the weekly close just hours away, here are the potential risks the cryptocurrency faces if it remains under this coveted level. BTC to Close Below $100K? The last couple of weeks of 2024 were quite painful for BTC as its price dumped from its latest all-time high registered on December 17 of over $108,000 to $91,300 in days. The latter came on December 30 and marked the asset’s lowest price point in over a month. However, bitcoin reacted well to this correction and now sits above $98,000. This represents a 7.5% increase since that low. On a weekly scale, BTC is up by 3.5% compared to the valuation last Sunday. Perhaps the biggest factor holding bitcoin below $100,000 now is the ‘stiff supply wall’ that appears in its current levels. This means that a lot of investors have accumulated their BTC holdings at prices between $98,000 and $100,000, which essentially turns these levels into critical resistance lines, according to Ali Martinez. #Bitcoin $BTC faces a stiff supply wall between $98,000 and $100,000 that is currently acting as resistance! pic.twitter.com/GrDNNATLgT — Ali (@ali_charts) January 4, 2025 On the plus side, the same analyst outlined a highly bullish development for BTC, which occurred at the end of 2024. More than 48,000 BTC (valued at $4.7 billion at today’s prices) were withdrawn from exchanges, thus reducing the immediate sell pressure. Over 48,000 #Bitcoin $BTC have been pulled from exchanges in the past week, valued at over $4.5 billion! pic.twitter.com/V1agc0EtCe — Ali (@ali_charts) January 3, 2025 Where to Next? Martinez believes BTC might retest the 50-day moving average, which is currently at just under $97,000. Although bitcoin…
The post Key Factors Holding BTC Back and Potential Risks appeared on BitcoinEthereumNews.com.
Bitcoin’s price recovered from the most substantial declines earlier this week that drove it to a monthly low but still struggles to return to six-digit territory. With the weekly close just hours away, here are the potential risks the cryptocurrency faces if it remains under this coveted level. BTC to Close Below $100K? The last couple of weeks of 2024 were quite painful for BTC as its price dumped from its latest all-time high registered on December 17 of over $108,000 to $91,300 in days. The latter came on December 30 and marked the asset’s lowest price point in over a month. However, bitcoin reacted well to this correction and now sits above $98,000. This represents a 7.5% increase since that low. On a weekly scale, BTC is up by 3.5% compared to the valuation last Sunday. Perhaps the biggest factor holding bitcoin below $100,000 now is the ‘stiff supply wall’ that appears in its current levels. This means that a lot of investors have accumulated their BTC holdings at prices between $98,000 and $100,000, which essentially turns these levels into critical resistance lines, according to Ali Martinez. #Bitcoin $BTC faces a stiff supply wall between $98,000 and $100,000 that is currently acting as resistance! pic.twitter.com/GrDNNATLgT — Ali (@ali_charts) January 4, 2025 On the plus side, the same analyst outlined a highly bullish development for BTC, which occurred at the end of 2024. More than 48,000 BTC (valued at $4.7 billion at today’s prices) were withdrawn from exchanges, thus reducing the immediate sell pressure. Over 48,000 #Bitcoin $BTC have been pulled from exchanges in the past week, valued at over $4.5 billion! pic.twitter.com/V1agc0EtCe — Ali (@ali_charts) January 3, 2025 Where to Next? Martinez believes BTC might retest the 50-day moving average, which is currently at just under $97,000. Although bitcoin…
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