Bitcoin Hovers Below $96K Amid Strong Demand, Sell-Side Pressure
TLDR
- Bitcoin nears $100,000 milestone, fueled by expectations of pro-crypto policies under incoming Trump administration.
- Market correction triggers over $500 million in liquidations, yet Bitcoin remains resilient amidst sell-side pressure from new market entrants.
- Long-term holders see significant profits with over $2 billion in sales in a day, while many continue to hold onto their Bitcoin.
Bitcoin was trading at $95,493 on Thursday, approaching the $100,000 milestone after failing to breach it last week.
The cryptocurrency has surged in recent weeks, partly driven by expectations of a pro-crypto stance from the incoming Trump administration. Despite a recent market correction that led to over $500 million in liquidations, predominantly from long positions, Bitcoin has remained resilient.
A report by Glassnode highlights that new market entrants are responsible for much of the sell-side pressure during this bull run. Some long-term holders have realized significant profits, with over $2 billion in sales on a single day, but many are holding on to their Bitcoin.
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Key Takeaways
Bitcoin's climb toward $100,000 is supported by strong demand, with new investors driving upward momentum, while long-term holders are capitalizing on high prices. This resilience amid corrections indicates the growing maturity of Bitcoin’s market, with institutional and retail investors positioning themselves for potential further gains.
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