Bitcoin under $100,000 in motion

btc-usd

Bitcoin is down 4% for the week and may return to the $ 100,000 mark in the coming days, but data show there may not be much long-term trading below this level.

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Quick overview

  • Bitcoin is currently down 4% for the week but may approach the $100,000 mark soon, with limited long-term trading expected below this level.
  • Recent data indicates moderate profit-taking, suggesting the market is not overheated despite notable Bitcoin activity.
  • Bitcoin’s recent price drop follows its all-time high of nearly $112,000, influenced by global economic uncertainty and recent tariff discussions.
  • If Bitcoin falls below $100,000, it is likely to find support around the $90,000 level due to strong holder conviction and market demand.

Live BTC/USD Chart

BTC/USD


Bitcoin is down 4% for the week and may return to the $ 100,000 mark in the coming days, but data show there may not be much long-term trading below this level.

CryptoQuant reported highlighted that the Net Realized Profit/Loss (NRPL) chart, which monitors Bitcoin transaction profits and losses, indicates moderate profit-taking

The market is not overheated, as evidenced by the relatively restrained recent profit-taking; BTC activity is still noteworthy but significantly lower than the spikes observed during the cycle peaks in March and November 2024. These periods marked strong sell-offs that indicated market tops.

This suggests that the upward trajectory of Bitcoin remains very much in play.

It was somewhat anticipated that Bitcoin would eventually retrace, and that is exactly what happened in the last few days. The main cryptocurrency broke its January 2025 all-time high and set a new one at nearly $ 112,000 on Pizza Day (May 22), characterized by difficulties due to global economic uncertainty.

However, the asset hasn’t been able to sustain its recent run since then. BTC initially fell several thousand dollars due to the most recent tariffs suggested by US President Trump, this time only against the EU. Trump later lifted the tariffs for over a month, but this had little effect on Bitcoin

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If Bitcoin drops below $100,000, the $ 000 level might likely serve as a floor, attracting buyers and limiting losses. Due to strong holder conviction and market demand, Bitcoin has not historically remained below the short-term realized price for an extended period during bullish cycles.

Olumide Adesina

Financial Market Writer

Olumide Adesina is a French-born Nigerian financial writer. He tracks the financial markets with over 15 years of working experience in investment trading.

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