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Despite the sales, demand managed to absorb supply and kept BTC close to 100 thousand USD.
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The price of bitcoin reached an all-time high yesterday: $99,600.
While the community bitcoiner expects the price of Bitcoin (BTC) to cross $100,000 for the first time in history, the sales record recorded yesterday, November 22, 2024, prevented it from surpassing that mark.
According to data from the analysis platform on-chain glass node, $10.5 billion in bitcoin They were sold by users and investors, capitalizing that amount as net realized profits. This is a record profit-taking figure, as can be seen in the graph below:
Net profits made by investors on November 22 exceeded USD 10 billion. Fountain: Glass node.
This could be an explanation why, just yesterday, the price of bitcoin stayed at the threshold of $100,000, having marked a new all-time high (ATH) in the $99,600 area.
Despite record sales, demand did its job
At the time of this article, BTC is trading around $98,800, according to data from CoinMarketCap. Compared to the last ATH on November 22, 2024, the current price of bitcoin decreased by 0.79%. But given a profit taking of the level that occurred yesterday, the logical thing would have been a greater fall.
That is to say, despite the record sales of $10.5 billion, which increased the supply of bitcoin in the market, demand managed to monopolize that supply of BTC enough to keep its price close to $100,000.
Added to the data observed by Glassnode, there are still pending monster bitcoin sell orders from the area of 99,600 dollars to 100,900 dollars, as we have reported in CriptoNoticias.
For example, in the range of $99,600 to $100,000 of the price of bitcoin there are sell positions of more than 2,000 BTCwhich is equivalent to almost 200 million dollars.
🚨 If you wonder why #bitcoin does not finish breaking $100,000, the answer is simple:
There is a huge WALL of sales right at that mark.
In #Binancewe can see more than 1,600 BTC ($160 million) in sales orders and another hundreds in brands… pic.twitter.com/FR6ogqpehW
— CriptoNoticias (@CriptoNoticias) November 22, 2024
If bitcoin reaches $100,000, more than 2,000 BTC could be sold on Binance. Fountain: X.
However, despite the existence of these giant orders to sell BTC, analysts have recently projected the price of bitcoin at “a minimum of $285,000 and a maximum of $600,000” for the current bullish cycle. That is to say, the brake would be temporary and once the mark is passed, the expectation is very high.
In this way, the expectation of seeing bitcoin for the first time cross $100,000 would be at a critical point, with significant sales that would be preventing it from achieving it, but with demand and bullish projections that maintain that latent possibility.
Based on the provided text, here are two PAA related questions:
## World Today News: Bitcoin Breaks Records, But Does It Break $100,000?
**Introduction:**
Welcome to World Today News, where we discuss the latest developments shaping our world. Today, we delve into the fascinating world of cryptocurrencies, specifically the recent surge and near-miss of Bitcoin reaching the coveted $100,000 milestone. We are joined by two esteemed guests: [Guest 1 Name & Credentials], a leading blockchain analyst, and [Guest 2 Name & Credentials], a seasoned market strategist specializing in cryptocurrency trends.
**Section 1: The All-Time High and Record Sales**
* **Interviewer:** Yesterday, Bitcoin reached an all-time high of $99,600, an incredible feat! Yet, despite this momentum, massive sales totaling $10.5 billion occurred. [Guest 1], can you shed light on what drove such record-breaking profit-taking at this crucial juncture?
* **Interviewer:** [Guest 2], from a market perspective, how unusual is it to see such substantial sales directly after reaching a new all-time high? What signals might this send to investors both bullish and bearish?
**Section 2: The Battle Between Supply and Demand**
* **Interviewer:** The article mentions that, despite these extensive sales, demand for Bitcoin seems to have absorbed the increased supply, preventing a more drastic price drop. [Guest 1], is this indicative of strong underlying demand for Bitcoin, and what factors might be contributing to this resilience?
* **Interviewer:** [Guest 2], looking at this demand-supply dynamic, what scenarios do you envision playing out in the short-term? Could we see Bitcoin quickly break through the $100,000 mark, or are we likely in for a period of price consolidation?
**Section 3: The $100,000 Threshold and Future Projections**
* **Interviewer:** The $100,000 mark seems to be acting as a psychological barrier. [Guest 1], are there any technical indicators or historical patterns that suggest whether this barrier will be broken soon, or is it likely to prove more challenging to overcome?
* **Interviewer:** [Guest 2], analysts have projected Bitcoin reaching prices as high as $600,000 in this bull cycle. Do you share this optimism, or are there potential risks or headwinds that could derail these ambitious projections?
**Section 4: Looking Ahead: The Future of Bitcoin**
* **Interviewer:** Before we conclude, I’d like to open the floor to both of our guests. What are your overall takeaways from the recent developments in the Bitcoin market? What advice would you give to investors navigating this volatile landscape?
**Conclusion:**
We thank our guests, [Guest 1 Name] and [Guest 2 Name], for their insightful perspectives on the current state and future trajectory of Bitcoin. The cryptocurrency market remains dynamic and unpredictable, but the recent surge and developments around the $100,000 mark highlight its enduring appeal and potential for continued growth.
For more in-depth analysis and coverage of the cryptocurrency market, stay tuned to World Today News.
