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    Bitcoin nears $100,000 after rebounding from a price dip and record-breaking week

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    HI Raiffeisen is at 100K are such targets realistic, bitcoin price, market analysis, darts

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    Bitcoin’s price rebounded after a brief dip, closing another record-breaking week near $98,000, with traders keenly eyeing the $100,000 mark. This comes despite potentially impactful US macroeconomic data releases and an observed increase in Bitcoin profit-taking. Traders’ risky behavior contributed to $500 million in cross-crypto liquidations during the price dip. While some deem the $100,000 threshold significant, others consider it an entertaining milestone primed for meme-making. Amid rising long-term Bitcoin holder profits, the potential of Bitcoin ETFs to combat selling pressure in the wake of significant recent inflows remains to be seen.

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    Bitcoin’s price managed to bounce back after a momentary dip, closing another record-breaking week. For a brief period, the cost of Bitcoin had slipped to $95,800 per BTC, causing a flurry of activity among traders. This further teased the tantalizing prospect of affirming the $100,000 level. Is $100,000 a significant milestone though? The jury is still out on that, as opinions vary.

    In short, despite it being a shortened trading week due to Thanksgiving, we could still see movements due to volatility from US macroeconomic data. There’s also a noticeable increase in Bitcoin profit-taking, suggesting that long-term holdouts are jumping on the bull market bandwagon.

    Following a short-lived dip, the price of Bitcoin quickly recovered back to over $98,000. There is strong focus among traders on breaking the $100,000 point threshold as sell-side liquidity starts to boost. Risky trading by investors was in evidence with liquidations of around $500 million popping up during the dip in price.

    Most people’s attention is currently on the battle to get Bitcoin past the $100,000 mark for the very first time. Traders are taking larger risks and this resulted in cross-crypto liquidations of $500 million which drove Bitcoin’s price down to $95,800.

    As for the importance of the $100,000 mark, whether or not that’s an important milestone is up for debate. But for everyone involved in the Bitcoin market, hitting the six-figure mark will most certainly be a reason to party.

    Thanksgiving week won’t be slowing things down on the data front. Despite the holiday, the US continues to churn out its regular set of macroeconomic data which could cause changes in the crypto market. Bitcoin is really winning at the moment, currently positioned at $98,000, which is the highest weekly closing price in Bitcoin’s history. This might raise the question, will Bitcoin hit the $100,000 mark? Bitcoin continues on a mission to break the $100,000 landmark, but it’s seen some resistance.

    But not everyone in the Bitcoin market sees the $100,000 mark as an important threshold. Some traders feel that it’s not significant from a technical or psychological perspective. They say it’s mostly just a fun milestone that would make for great memes.

    This week is Thanksgiving in the US, but that does not mean the economy is taking a break. Key economic data related to volatility is expected which could potentially impacts risk assets. Profits from long-term Bitcoin holders are increasing and this could mean the start of the profit-taking season. The question is, will the Bitcoin ETFs be able to offset the selling pressure in the backdrop of sizeable inflows in the past week?

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