Bitcoin's Race to $100, 000: What's Holding It Back?

Bitcoin, the largest cryptocurrency, has been struggling to break the $100, 000 mark after a rapid post-election rise. The cryptocurrency surged over 40% since the U. S. election, driven partly by pro-crypto comments from President Donald Trump. Bitcoin hit a new high of over $99, 000 last week but has since dropped slightly, trading around $98, 243. 25 on Monday. Investors might be taking profits after the recent rally, according to Andre Dragosch, head of research at Bitwise. He expects the rally to pause for a while as sentiment and positions are stretched, but he believes the overall trend is still bullish. The reduction in new bitcoin issuance due to the halving event earlier this year is supporting prices. Mark Novogratz, CEO of Galaxy Digital, agrees that a correction is likely as the crypto market is highly leveraged. He suggests that investors buy bitcoin directly rather than through other means like MicroStrategy. A mystery seller has also been offloading large amounts of bitcoin, putting downward pressure on prices. David Morrison from Trade Nation thinks that $100, 000 has become a tough hurdle, but there's a chance bitcoin could surge through it. Marion Laboure from Deutsche Bank points out that while Trump is pro-crypto, concrete legislation is still a ways off and could face challenges.

Actions