Bitcoin (BTC) struggles to break the $100,000 mark, a key resistance shaped more by investor positioning than price dynamics. On-chain data shows that recent buyers and large holders are strategically limiting upward momentum, making this level a pivotal psychological and technical barrier. Crypto Convicted data shows that newer Bitcoin whales hold an average cost basis near $100,500, creating a break-even zone that triggers selling pressure as BTC nears $100K. Therefore, this makes the round number a magnet for short-term profit-taking and reinforces its role as a key resistance.
The pressure comes amid a muted Christmas for Bitcoin, which slipped below $90K, cooling year-end market optimism. The $100,000 zone is more than a price barrier; it’s shaped by investor positioning. While long-term holders remain steady, recent large-scale buyers can create selling pressure near their entry points, making a breakout contingent on strong demand. Presently, Bitcoin is trading around $87,374 per CoinCodex data, below the critical $100K resistance.
This level represents a convergence of recent buying and potential profit-taking, making it a key battleground. Breaking above it will depend on whether new demand can absorb selling pressure, potentially triggering the next major leg in Bitcoin’s long-term growth.
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