It is worth evaluating the state of demand vs. sell pressure to establish whether the price will now hold or pull backholders are in celebratory mode after the king coin finally surpassed the $100,000-level. At the time of writing, BTC was valued at$103,197, having hiked by over 7% in just over 48 hours.
The cryptocurrency owes this latest milestone to a combination of robust demand from both the spot and derivatives segments. Bitcoin ETFs, which were approved earlier this year, have also contributed heavily to this rally through intense accumulation.“Bitcoin has hit the historic $100,000 mark, driven by favorable market dynamics, growing U.S. regulatory clarity, and institutional adoption through Bitcoin ETFs.
On the contrary though, the RSI was positioned well above 70 – A sign of a possibly overbought market. This might be the first sign of an incoming price correction.Now, profit-taking is bound to take place after BTC’s push above $100,000. At the time of writing though, the cryptocurrency’s metrics were yet to underline the same though.
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