Why Did Bitcoin (BTC) Price Never Exceed $100,000? Here’s the Analyst’s Opinion

Bitcoin It started the week on a bearish note, dropping nearly 2% to around $95,000 before recovering.

BTC has been hovering between $90,000 and $98,000 over the past two weeks, grappling with persistent resistance at the $100,000 psychological level.

Valentin Fournier, an analyst at BRN, pointed out the significant obstacles preventing Bitcoin from passing this milestone. “Despite strong market catalysts and growing investor confidence, Bitcoin continues to struggle with the $100,000 psychological barrier,” Fournier said in an email.

“Profit taking is evident and a significant sell wall of over 4,000 Bitcoins worth approximately $384 million must be cleared before higher levels can be reached.”

Broader macroeconomic conditions, particularly FED interest rate expectations, are also putting pressure on Bitcoin. Latest data shows a shift in investor sentiment regarding the Fed’s next moves. The CME FedWatch Tool shows that the probability of a 25 basis point rate cut at the December 18 Federal Open Market Committee (FOMC) meeting has fallen to 61% from 67% last Friday.

This week, investors are closely monitoring critical economic reports and speeches by FED officials that could affect Bitcoin’s price trajectory. Important events can be listed as follows:

• November Nonfarm Payroll Report, US Unemployment Rate
• Speech by FED Chairman Jerome Powell
• Two speeches by SEC Chairman Gary Gensler

You can find the date, time and other details of the developments that will take place this week in the Bitcoinsistemi.com special weekly calendar below.

*This is not investment advice.