- Bitcoin reached $99,000, nearing the $100K milestone with a 4.4% daily surge.
- President-elect Trump’s pro-crypto stance fuels market optimism.
Bitcoin (BTC) reached a new milestone, breaking $99.3K for the first time, with a 24-hour increase of 4.4%. Its market cap climbed to $1.96 trillion, representing 59.2% of the global crypto market cap, which surged to $3.31 trillion. Trading volume also jumped by 31.25% in the past day, totaling $103 billion.
The rally extends beyond Bitcoin. Ethereum (ETH) and Solana (SOL) surged by 9% and 12%, respectively, while XRP soared by 25%. Whales have been actively accumulating BTC, with one whale adding 3,577 BTC ($330 million) in the past four days, bringing their total holdings to 25,298 BTC ($2.5 billion).
Spot Bitcoin ETFs recorded $396.56 million in inflows on November 21, marking a fourth consecutive day of increases. The total value of options for BlackRock’s ETF on its first day reached $1.9 billion. Experts link these inflows to Bitcoin’s price momentum. Additionally, U.S. Bitcoin ETFs surpassed $100 billion in total assets held, with $773 million in net inflows on Wednesday alone.
MicroStrategy added $4.6 billion worth of BTC to its holdings last week, reinforcing institutional demand. President-elect Trump’s pro-crypto stance and nomination of Howard Lutnick as commerce secretary have also strengthened market confidence.
CME Bitcoin futures open interest reached record highs this week. Investors are buying long-term call options, signaling confidence in Bitcoin’s future. The easing of global monetary policies is also enhancing Bitcoin’s appeal as an inflation hedge. These factors support Bitcoin’s price trajectory, keeping it firmly above $98,000.
Technical Upward Potential
Bitcoin’s technical indicators point to bullish momentum. The RSI is at 82.36, indicating overbought conditions but signaling sustained demand. The RSI average of 78.47 supports this upward trajectory. The moving averages (9-day at $92,619 and 21-day at $83,865) indicate strong support levels, with a bullish crossover confirming the trend.
Key support levels lie at $92,000 and $83,000, while resistance stands at $99,314. If Bitcoin breaks above this, it could challenge $100,000 in the near term. The market’s strength suggests further growth, barring unforeseen corrections.
However, experts like Mike Novogratz caution that a price correction remains possible. Investors are also monitoring potential impacts of Trump’s proposed economic policies, including inflation risks and Fed responses. As Bitcoin inches closer to $100,000, its role as a digital asset continues to expand.
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