Bitcoin inches its way closer to $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.

Bitcoin nears $100,000. Source: CoinMarketCap

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

Pro-crypto

The continued surge follows since Donald Trump won his re-election into the White House on November 5.

Trump, now considered pro-crypto, made several promises regarding the crypto market during his election campaign, one of which is to make the US the “ crypto capital of the world .”

Earlier this week, it was reported that Trump’s transition team was considering its first-ever White House crypto office .

If established, this position would serve as a liaison between the digital assets sector, Congress, and key regulatory agencies such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

According to Polymarket, a prediction market platform, 92% of voters believe Bitcoin will hit the $100k mark in 2024.

At the time of publishing, Bitcoin is trading at $98,600.