Bitcoin gets within touching distance of $100K as rally continues

• Bitcoin’s new price follows after it hit $98,000 yesterday
• Analyst Skew said there is “positive market signal” and that there is “a lot of aggregate spot supply around $100k”

Bitcoin came within touching distance of $100,000 on November 22 as the asset continues its bull run since the beginning of November.

Data from CoinMarketCap shows Bitcoin hit a high of $99,500. The record comes after Bitcoin topped $98,000 yesterday, pushed along by the launch of ETF options earlier this week.

The rally follows after Bitcoin dipped to $95,000 yesterday afternoon before rallying into the green.

Taking to X, analyst Skew said: “Price did see a brief LTF dip before higher thereafter. Still seeing limit bids moving higher with underlying spot buyers ~ positive market signal,” adding:

“A lot of aggregate spot supply around $100k. Price currently is chewing away at this supply, before this has preceded a pretty violent breakout.”

$BTC Binance Spot
Update since previous post
Price did see a brief LTF dip before higher thereafter

Still seeing limit bids moving higher with underlying spot buyers
~ Positive market signal

A lot of aggregate spot supply around $100K

Price currently is chewing away at this… https://t.co/TruZVGXwTM pic.twitter.com/nGtekY6Y0F

— Skew Δ (@52kskew) November 22, 2024

Joe Constori, head of growth at Theya and institutional lead at the Bitcoin Layer, said on X that Bitcoin at $100,000 is going to happen.

“Its properties have always destined it to be a multi-trillion dollar base layer monetary asset. It just took the price 15 years to catch up.”

Market analyst Ali mentioned that “the TD Sequential presents a sell signal on the #Bitcoin $BTC 4-hour chart, anticipating a brief correction to $97,085,” adding:

“A candlestick close above $100,470 will invalidate the bearish formation and potentially push #BTC to $102,656 or $104,343.”

The TD Sequential presents a sell signal on the #Bitcoin $BTC 4-hour chart, anticipating a brief correction to $97,085!

A candlestick close above $100,470 will invalidate the bearish formation and potentially push #BTC to $102,656 or $104,343. pic.twitter.com/WiKQTGYNmJ

— Ali (@ali_charts) November 22, 2024

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