Bitcoin Did It: 6 Digit Price Achieved, $100K Smashed
The Bulls May Take a Break – Sideways Movement Ahead?
On Thursday 05 December, Bitcoin surpassed the legendary $100,000 mark and reached an All-Time High at $103,650. Depending on the chart source Bitcoin’s price surpassed even $104,000 but it’s normal for different exchanges to post slightly different prices. Besides, $103K or $104K is not the main takeaway; the fact that Bitcoin broke $100K is.
As many anticipated, once BTC reached the historical hurdle, it tumbled sharply, reaching as low as $92K and wiping more than $300 million worth of long positions. The largest part of the drop occurred in less than an hour. During that hour, Bitcoin went from $99,140 to $92,100 and according to data from Coinglass, that’s when the $303 million worth of longs were erased. This brought the total loss for the day to $404 million.
After the sharp correction to $92K, the bulls stepped back in and took the price as high as $98,800. Bitcoin is changing hands at $98,100 at the time of writing.
Other cryptocurrencies also reached historical levels, with Ripple’s XRP leading the charge. It had a meteoric rise to $2.34 and although it did not break its ATH, it added 47% in the last 7 days. To put things in perspective, XRP was trading at $0.60 in the middle of November.
Binance Coin (BNB) broke the previous high at $724, reaching a new All-Time High at $794 and Solana broke the previous ATH at $259 and reached a new one at $234. Ethereum did not break its ATH but made serious advances: in early November it was trading at $2,300 and now it is looking to break the $4K mark, currently changing hands at $3,910.
Chart Analysis – BTC/USD
The recent price action gave us a few support and resistance levels where Bitcoin might react in the future. The most important support is located at $90,700, which was the location where the previous correction ended. Yesterday’s sharp drop also came close to this support level, although it did not touch it.
The levels that may act as resistance are the previous high at $99,800 and of course, the ATH at $103,650. It must be noted that Thursday’s candle can be considered an indecision candle, although it established a new ATH. The price climbed, then dropped, and then closed somewhere in the middle of the range, resulting in a candle with a small body and very long wicks.
It is very possible for Bitcoin to enter a period of sideways movement and maybe a lack of major breakouts. However, the main bias remains bullish but it may be some time until we see a new ATH.
