The Bitcoin price reached a new record high of $97,862.64 on November 21 after climbing over 5% in the past 24 hours. Bitcoin is only about 2.14% away from achieving the massive $100,000 psychological milestone at its current trading value.
Although the percentage increase required for Bitcoin (BTC) to reach $100k is relatively small compared to today’s gains, analysts caution that an important support level must be monitored closely, as it plays a crucial role in determining whether that milestone will be reached or avoided in the near term.
Bitcoin price prediction: $100k soon?
The current Bitcoin price is $97,041, a slight decrease of 0.72% from its peak of $97,862.64, achieved just two hours ago. Consequently, at this $97k price point, Bitcoin and crypto enthusiasts are closely monitoring the BTC price, as it could reach $100,000 at any moment.
BTC/USD price today | TradingView
Certain analysts believe that Bitcoin’s price will keep climbing if it maintains stability above the $93,000 support level. On the other hand, a successful breakout above the $98,000 resistance would enhance further bullish momentum.
This upward trend could advance toward the next resistance level at $103,470.05. Following that level, buyers might aim for $113,694.76. With approximately $900 left for Bitcoin to hit $98,000 from its current price, reaching this point could indicate bullish momentum strong enough to drive it to around $100k.
Importantly, both the 50-day and 100-day moving averages lie below the current price, suggesting a possible bullish crossover. Data from Central Charts indicates that the 50-day moving average is 72,842, while the 100-day moving average is 68,584.
A bullish crossover occurs when the shorter-term moving average (50-day) surpasses the longer-term moving average (100-day). This trend is frequently interpreted as a bullish indicator, hinting that the Bitcoin price might be entering an upward trend.
Why is BTC going up today?
In positive news, Donald Trump is reportedly set to replace Gary Gensler with Teresa Goody Guillén, a pro-crypto lawyer, alongside other positive regulatory changes occurring in the U.S. This optimistic outlook follows the start of trading for BlackRock’s Bitcoin ETF options on NASDAQ yesterday.
BlackRock’s BTC spot ETF (IBIT) had a powerful launch in the options market. On its opening day, it saw an impressive 354,000 contracts traded, with a bullish call-to-put ratio of 4.4:1.
Launching options for Bitcoin ETFs allows investors to engage with Bitcoin’s price fluctuations while using enhanced flexibility and risk management strategies. This could increase institutional investors’ accessibility to cryptocurrency, leading to a notable influx of capital and expertise.
Read more: Bitcoin Price Prediction: 3 Reasons to Brace For a Correction
