Bitcoin’s quest to the elusive $100,000 milestone is stuck in neutral, with $98,000 emerging as the key resistance barrier. The cryptocurrency, which touched a record $99,800 in November following Donald Trump’s presidential win, has struggled to maintain momentum, failing four times to break above $96,000, according to Cointelegraph.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Crypto analyst Michaël van de Poppe summed it up, stating, “Bitcoin still patiently waiting to break $98,000 to get ourselves into the magic wonderland of $100,000+.” Analysts agree that without clearing this threshold, Bitcoin’s path to six figures remains on hold.
BlackRock’s ETF Success Shows Institutional Demand
While Bitcoin’s price action remains tepid, institutional interest continues to soar. BlackRock’s IBIT spot Bitcoin ETF (IBIT) recently crossed a significant milestone, holding over 500,000 BTC—2.38% of Bitcoin’s total supply—just 11 months after its debut in January 2024, per K33 Research.
Vetle Lunde, K33’s Head of Research, called the achievement a “stellar launch year,” noting it now ranks as the third-strongest ETF in the U.S. by inflows, even surpassing Invesco’s QQQ (QQQ). In November alone, U.S. Bitcoin ETFs added $6.6 billion, fueling optimism about growing institutional adoption.
Investors can compare Bitcoin ETFs on TipRanks, while filtering the columns to select which metrics they want to look at.
U.S. Bitcoin Sales Draw Criticism
On the flip side, the U.S. government’s decision to transfer 19,800 BTC worth $1.9 billion to Coinbase (COIN) is raising eyebrows. Critics, including Space Force Major Jason Lowery, slammed the move as a “huge strategic mistake,” arguing that Bitcoin’s long-term value is being underestimated.
Tether adviser Gabor Gurbacs suggested the transfers might be wallet consolidations, but uncertainty lingers. Bitcoin’s price dipped 3% following the transactions, briefly falling to $94,500 before recovering.
Short-Term BTC Holders Signal Potential Upside
Despite the mixed signals, one bright spot comes from short-term holders, who have paused selling. Sina G of 21st Capital called this behavior a critical indicator for Bitcoin’s price trajectory.
Analysts believe that clearing the $98,000 resistance could open the door to $110,000 by early 2025, particularly as Bitcoin stands to benefit from expected macroeconomic trends and an influx of $2 trillion in investments. For now, the market waits to see if Bitcoin can shake off its current ceiling and deliver on its long-awaited six-figure promise.
At the time of writing, BTC is sitting at $94,033.55.
