Bitcoin Inches Closer to the $100K Mark, But Will the Bull Run Last?

After a week of massive price rises, BTC’s value started to come closer to the $100K mark. At the time of writing, the king coin was trading at $98.2K

Bitcoin [BTC] has been slowly inching towards the $100K mark, thanks to the bullish market conditions. However, is this bull run sustainable, or will BTC fall victim to a price correction soon?

Bitcoin approaches $100K

After a week of massive price rises, BTC’s value started to come closer to the $100K mark. At the time of writing, the king coin was trading at $98.2K with a market capitalization of $1.94 trillion.

In the meantime, Ali Martinez, a popular crypto analyst, took to Twitter to advise investors to sell 25% of their BTC holdings once the coin touches the $173K-$200K range.

Going forward, he also mentioned selling 30% of holdings once the king coin enters the $200K-$300K range.

Since these numbers are pretty ambitious, AMBCrypto planned to dig deeper to find whether BTC’s road ahead is clear.

Decoding BTC’s future

As per our analysis of Glassnode’s data, BTC was trading well within its range. To be precise, the Pi Cycle Top indicator revealed that BTC’s possible market top was at $121K, while its market bottom was at $66K.

Therefore, the possibility of BTC heading towards $100K didn’t seem too ambitious.

Source: Glassnode

In fact, investors were still looking to buy Bitcoin. AMBCrypto reported earlier that 65K BTC were withdrawn from exchanges recently.

These coins were valued at more than $6 billion, indicating a significant push to BTC’s buying pressure.

As per CryptoQuant’s data, the buying pressure remained high. This was evident from BTC’s dropping exchange reserve.

A decline in buying pressure usually indicates that the chances of a continued price uptrend are high, as investors showed confidence in the king coin.

Source: CryptoQuant

Apart from that, Bitcoin’s Coinbase Premium was also in the green. This meant that buying sentiment was dominant among U.S. investors, which could also support BTC’s rise towards $100K.

However, nothing can be said with complete certainty.

The king coin’s liquidation heatmap also suggested that it faced strong resistance at $98.9K. An increase in liquidation often acts as a resistance, which can lead to a rejection and price correction.

Hence, it will be crucial for BTC to cross that level in order to aim for $100K.

Source: Coinglass

Read Bitcoin’s [BTC] Price Prediction 2024–2025

Bitcoin’s Chaikin Money Flow (CMF), which gauges buying/selling pressure, also registered an uptick. This further supported the narrative of buying pressure being high.

However, the Money Flow Index (MFI) was resting in the overbought zone, which could trigger a sell-off, in turn, pushing BTC’s price down.]