Who cares about $100K? 5 Things to know in Bitcoin this week
2024-11-25

Bitcoin BTCUSD seals another record weekly close as a fresh BTC price dip survives just hours before being bought up.
Bitcoin shorts suffer in sub-$96,000 BTC price dip
After a brief last-minute dip into the weekly close, BTC price action ended strong and at the time of writing is back above $98,000, Cointelegraph Markets Pro and TradingView confirm.
Traders are focused on the battle to cross the $100,000 mark for the first time as sell-side liquidity continues to replenish.
The stakes are high — investors are getting increasingly risky with trades, as evidenced by cross-crypto liquidations of $500 million on the dip, which took BTCUSD to $95,800.
“Passive buyer likely created that sunday low,” popular trader Skew concluded in part of his latest market analysis on X.

Fellow trader Daan Crypto Trades noted that a “gap” in CME Group’s Bitcoin futures market now sits closer to the top of its historical range, potentially laying the foundation for further recovery.
“The gap sits right at the all time highs and the $99K+ price level. Seeing how close price is trading to it already, I'm assuming we'll try to close it fully relatively soon,” he predicted.
Zooming out, liquidity, per data from Hyblock Capital uploaded to X by popular trader CrypNuevo, could yet favor a trip below $90,000.
“If we have a look at the 7 days liquidation heatmap... We can see those two zones in the chart: $100.6k and $88.5k,” he commented. 

Earlier, Cointelegraph reported on prediction markets seeing a median end-of-year BTC price of $127,000.
However, the first hurdle for bulls is the upcoming November monthly close.
What’s in a $100,000 BTC price tag?
At $98,000, Bitcoin easily sealed the highest weekly close in history on Nov. 24.
November's performance is shaping up to be the best in five years for BTCUSD, while Q4's gains currently stand at 54.5%, per data from the monitoring resource CoinGlass.
Despite this, bulls have been unable to breach the key $100,000 line, which has led some to ready BTC price correction targets.
“Bitcoin with another massive weekly candle. The $100k mark is very a psychological level for many institutions/ traders,” popular trader Crypto Fella told X followers.
Others, however, see little importance behind $100,000, a level still untouched in Bitcoin’s history and, as such, no more than a collection of digits on a screen.
“100,000 is not a technical level. It is not a psychological level as well,” fellow trader Aksel Kibar argued this weekend. 

Kibar uploaded a chart showing significant BTC price tops, with the next key level closer to $140,000.
Another post queried Bitcoiners’ “obsession” with the six-figure BTC price tag, Kibar then contrasting it with when gold first passed $1,000.
CoinGlass, meanwhile, shows that the extent of ask liquidity piled up just below $100,000, with the price eating into a key liquidation level of $98,750.
PCE data headlines Thanksgiving macro week
It may be Thanksgiving week, but US macroeconomic data still has plenty of potential volatility in store for crypto and risk assets.
The events begin on Nov. 26 with the minutes of the Federal Reserve’s November meeting, where it decided to cut interest rates by another 0.25%.
A day later, the Fed’s “preferred” inflation gauge in the form of the Personal Consumption Expenditures (PCE) Index will be released, along with unemployment data.
Revised Q3 GDP numbers top off an important two days for risk-asset traders before the Thanksgiving holiday. 
As Cointelegraph continues to report, all eyes are on the Fed for cues over future policy moves amid a brewing “stagflation” environment where resurgent inflation is accompanied by mounting unemployment.
As such, markets are unsure of what the next meeting on Dec. 18 will bring.
“PCE inflation data will be market moving as odds of a December rate cut have receded,” trading resource The Kobeissi Letter summarized on X.
The latest data from CME Group’s FedWatch Tool currently puts the chance of another 0.25% cut at 56%, down from near 75% a month ago.
“Most recently, Fed Chair Powell said they are not ‘in a hurry’ to cut rates just 2 months after starting cuts with a 50 bps reduction for the first time since 2008. Core CPI inflation is now back on the rise and has been above 3% for 43 straight months,” Kobeissi continued in another X post this weekend. 
Profit-taking season hits Bitcoin
Bitcoin long-term holders (LTH) are increasingly tempted to take profits at levels far above breakeven.
The latest data from onchain analytics platform CryptoQuant shows that these “diamond hands” are realizing large profits on a daily basis. 
On Nov. 22, as Cointelegraph reported, aggregate realized profits hit a new record of $443 million.
“Unrealized Profit levels are elevated, currently sitting at 57%,” contributing analyst Maartunn added, uploading the data to X.
Selling naturally does not only involve investors who are used to sitting on their hands. Short-term holders (STHs) — those holding for 155 days or less — are also active.
Analyzing the spent output profit ratio (SOPR) metric for the STH cohort, fellow CryptoQuant contributor Avocado_onchain warned that this trend could affect BTC price momentum.
“Historically, when applying a 30-day moving average to the Short-Term SOPR, it has been observed that during bullish trends, short-term SOPR tends to reach around 1.02 before profit-taking occurs. Each time this level has been reached, Bitcoin’s price has experienced a pullback or correction,” they noted in a Quicktake blog post.

ETFs face big expectations after record week
Meanwhile, CryptoQuant followed others in suggesting that massive capital inflows could cancel out any significant sell-side pressure.
These have chiefly come from institutions over the past two months as the US spot Bitcoin exchange-traded funds (ETFs) break records.
“However, if capital inflows into the market continue and investors remain eager to buy Bitcoin, this historical pattern could be overridden, leading to a strong breakout beyond $100,000,” Avocado_onchain continued.
The latest data from sources, including UK-based investment firm Farside Investors, shows the extent of interest in the US ETFs. The five trading days through Nov. 22 saw total net inflows of $3.35 billion — more than any other week.
“November is shaping up to be a record month for Bitcoin ETFs, with nearly ~$7B net inflows so far and just a week to go—well on track to surpass February’s ~$6B,” Rafael Schultze-Kraft, co-founder of onchain analytics firm Glassnode, noted at the weekend. 
Glassnode previously considered that the ETFs may continue to overcome LTH selling as BTC price climbs ever higher.
“As Bitcoin broke above $75.6k, 100% of the 14M BTC held by long-term holders moved into profit, enticing an acceleration in spending. This has led to a non-trivial balance decline of +200k BTC since the ATH break-out,” it revealed in the latest edition of its weekly newsletter, “The Week Onchain,” released on Nov. 20.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.