Bitcoin Price Analysis: Is BTC Headed Back Toward $100K Following Today’s Recovery?

Crypto Blog

Bitcoin’s price is teasing investors, as it is experiencing a pullback before reaching the $100K mark. Yet, as things stand, there’s a considerable probability that it will hit the milestone soon.Starting with technical analysis, the daily timeframe shows massive bullish momentum for BTC. Yet, the market has been correcting for the last few days after failing to reach the $100K level.

Yet, as the overall market structure remains bullish, the price can climb back into the pattern soon, making it fail and paving the way for another push toward $100K. This chart displays the long-term holder SOPR metric, which measures the ratio of realized profits to losses for long-term investors. The 30-day moving average of the LTH SOPR is trending higher and has been above one for a while, indicating that the cohort is realizing profits as the market rallies.

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