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Bitcoin Battles the $100K Barrier: Is the Bull Run Losing Steam?
The cryptocurrency market is abuzz as Bitcoin struggles to surpass the coveted $100,000 milestone. The price has briefly touched this mark but quickly retreated, leaving many wondering if the bull run is losing steam.
Recent data from Glassnode suggests a significant shift in Bitcoin’s dynamics. Unlike previous cycles, this time around, there are no wild surges and crashes, but instead, a more controlled pace. This change is reflected in the Realized HODL (RHODL) ratio, indicating that new demand is entering the market in bursts rather than waves, with a notable decrease in wealth held in older coins.
Additionally, volatility has taken a backseat, with Bitcoin’s price swings remaining below 50%. This unusual calmness signals that the cryptocurrency might be maturing and trading more like traditional assets, exhibiting structured price moves rather than dramatic surges.
As we look to past trends for guidance, it is important to note that previous all-time highs have been accompanied by explosive gains. However, in this cycle, Bitcoin’s journey seems distinct. The asset has shown resilience amid the recent downturn, and with major investors like Robert Kiyosaki buying bitcoin despite the downturn, sentiment remains positive.
Recent events have also created a favorable environment for further price growth. Utah became the first U.S. state to pass a bill enabling public funds to invest in crypto, paving the way for increased mainstream adoption. Moreover, investors who are not afraid to take calculated risks seem willing to bet on bitcoin’s potential, as demonstrated by Robert Kiyosaki’s recent purchase.
In conclusion, it is essential to keep an eye on key price levels, which currently lie between $95,869 and $93,625. If Bitcoin manages to stay above the former support level, a retest of the $100,000 milestone could be in play, potentially triggering a new wave of buying pressure. On the other hand, if it breaks below $93,625, investors may rush to cut their losses, leading to further downward pressure.
In this slow and steady climb, there are both opportunities and risks at play. As we navigate this uncertain environment, analysts like PlanB suggest that Bitcoin’s gains typically occur during red periods spanning from 6 months before to 18 months after a halving event. With the current market situation falling within this time frame, it is possible that we have yet to see the beginning of an even more significant price surge.
Will Bitcoin manage to break through the $100,000 barrier? Only time will tell.
Source: https://coinpedia.org/news/bitcoin-battles-the-100k-barrier-is-the-bull-run-losing-steam/
