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bitcoin has surpassed the $99,800 mark, setting another all-time high as it approaches the psychological milestone of $100,000. Despite briefly testing the level, btc is yet to break above the level, leaving investors and analysts eagerly anticipating the next move. With demand remaining strong, the stage looks set for bitcoin to break through this key barrier in the coming days.
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Recent data from CryptoQuant highlights a major factor driving this rally: the Coinbase premium gap, which currently stands at $224. This metric, which represents the price difference between bitcoin on Coinbase and other global exchanges, indicates strong buying activity by US Coinbase investors.
The relentless bullish momentum has further solidified bitcoin's dominance in the cryptocurrency market, with many viewing the $100,000 level as a critical supply zone. While the price has yet to break out, the ongoing rally reflects a growing belief that bitcoin's parabolic bull phase is far from over. As the market approaches this pivotal moment, all eyes remain on btc's ability to maintain its momentum and reach new highs, setting the tone for the weeks ahead.
bitcoin Price Action Remains Strong
bitcoin has been in an “up only” phase since November 5, showing no signs of weakness as it steadily rises to new heights. Even after failing to break the $100,000 mark yesterday, the price action is still incredibly strong. The bulls are firmly in control, and if bitcoin remains above critical demand levels, the long-awaited $100,000 milestone could be surpassed within hours.
<a target="_blank" style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif" href="https://x.com/JA_Maartun/status/1859990926011363629/photo/1″ target=”_blank” rel=”nofollow”>CryptoQuant analyst Maartunn revealed that strong demand from US investors is a key driving force behind this rally. According to its data, Coinbase's premium gap, a metric that tracks the price difference between bitcoin on Coinbase and other global exchanges, stands at $224.
This positive premium underlines US buying activity as an important factor in the current bullish momentum. A high premium often suggests that Coinbase investors are willing to pay a higher price than others, a strong indicator of higher demand.
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As the market watches closely, bitcoin's ability to maintain its upward trajectory depends on staying above vital support levels. Psychological resistance at $100,000 remains formidable, but the unwavering appetite of US investors points to continued strength in the days ahead. With such strong fundamentals, many analysts believe bitcoin is primed for another explosive rally once the $100,000 barrier is decisively breached.
The btc rally is just beginning
bitcoin is trading at $98,800 after a failed breakout above the highly anticipated $100,000 mark. Despite this temporary setback, price action remains firmly bullish as btc continues to hold above key demand levels, showing resilience and strength in the current market. The failure to lower prices again indicates that the bullish momentum remains intact, keeping investors optimistic about a possible breakthrough.
If btc maintains its position above the critical support level of $95,000, the probability of an increase beyond the psychological barrier of $100,000 increases significantly. Staying above this level would indicate strong buyer interest and the possibility of further gains, paving the way for bitcoin to resume its upward trajectory in the near term.
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However, if bitcoin fails to stay above $95,000, a pullback to areas of lower demand would confirm a short-term correction. Such a pullback could provide the necessary fuel for the next rally, as it would allow the market to consolidate before making another attempt to break through the $100,000 mark.
For now, all eyes remain on bitcoin's ability to defend its key support levels as the market anticipates the next big move in this historic rally.
Featured image of Dall-E, TradingView chart
