Bitcoin (BTC) has Dropped by Nearly 7% Over the Last Week, Now at $91810 (BTC/USD), and There Is Concern Over Why It Has Not Been Able to Pass $100K So Far

The token should have been able to hit six figures by now, according to market estimates. Having hovered so close to that mark recently made it a tantalizing

Bitcoin (BTC) has dropped by nearly 7% over the last week, as its price now stands at $91,810 (BTC/USD), amid concerns over why it has not been able to cross the $100K mark so far.

On Monday, the price of the leading token dropped by 1.5%, leaving investors to wonder if the bull run is finally coming to an end. The crypto coin has rushed past its previous milestones and exceeded market expectations over the past few weeks, thanks in part to speculation over Donald Trump’s upcoming policies and new Federal Reserve interest rate cuts.

Bitcoin has seen massive investments from all corners, notably from Bitcoin whales like the commercial investor MicroStrategy, that have pushed Bitcoin to a high of $99,655, although the coin has since fallen from that high point. But what caused the decline, and why is Bitcoin not above $100,000 at this point?

No $100K for Bitcoin?

According to market estimates, the token should have been able to hit six figures by now, and having hovered so close to that mark recently made it a tantalizing prospect for investors. A significant milestone like that would have raised Bitcoin’s prestige outside the crypto market. However, the failure to hit that mark has seen the coin become the subject of rampant speculation that it cannot cross $100K for now.

Now that Bitcoin has fallen from the high mark, many investors will likely have put in place the option to sell once the coin hits $98K or $99K. According to XTB research director Kathleen Brooks, that could be the case for many major investors at the moment, which could spell trouble for investors who are holding out for $100K.

There is now a stigma attached to Bitcoin that it has trouble passing $100K, whether that stigma is unearned or superstitious, and investors need to be aware of it. The longer Bitcoin spends below the $100K level, the larger that stigma will grow, and it will become harder for the coin to pass the mark, in a self-fulfilling market superstition.

What should push the can past that level, though, is Trump being sworn into office in January. We could also see Bitcoin move past the mark when the next Fed interest cut comes along. These major market-moving events could be enough to overpower the stigma and help Bitcoin achieve what it has not managed so far.