Despite the sales, demand managed to absorb supply and kept BTC close to 100 thousand USD.
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 Glassnode, $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:
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.
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.
