Bitcoin Price Decisively Back Below $100,000: What Is Going On?

Khyathi Dalal

December 23, 2024

Bitcoin's (CRYPTO: BTC) volatile trading around the $100,000 mark has left investors puzzled about its prospects for the next weeks.

What Happened: Jim Bianco of Bianco Research highlighted this phenomenon in a post on X on Sunday by quoting an old Wall Street adage: "Markets will do what confuses the most people."

Bianco believes this aptly describes Bitcoin's current behaviour.

From January to March, Bitcoin's move past $69,000 spurred widespread speculation, only for it to consolidate for six months.

After hitting $100,000, bulls and bears alike predicted dramatic movements—but Bitcoin has stayed range-bound for the past six weeks, defying both camps.

Then, post-election, BTC surged again, this time hitting $100,000.

Once more, the internet exploded with speculation: “FOMO is next!” “It’s a bubble, watch out,” Bianco cites the sentiment.

And yet, for the past six weeks, Bitcoin has done what almost no one predicted: nothing.

Bitcoin hovering around $100,000 for months, ensuring no one is completely right or wrong, is a scenario that frustrates both bulls and bears. Analysts suggest that patience may be key as traders navigate this period of uncertainty.

Also Read: Ethereum, Solana Outfox Bitcoin, XRP In Industry Expert’s 2025 Crypto Predictions

What's Next: Over the past week, Bitcoin's price dropped 12.8%, pushing key performance indicators lower.

IntoTheBlock data shows Bitcoin's large transaction volume decreased by 20.6% to $34 billion, while daily active addresses dipped by 0.02%.

Transactions greater than $100,000 also dropped from 8,435 to 7,495 in a single day. Exchange netflows declined by 246.9%.

Simply Bitcoin highlighted the significance of $2.94 billion in shorts currently acting as a barrier to Bitcoin breaking past $105,000.

NEW: $2.94B in shorts stand between #Bitcoin and $105K.

You know what that means. 🚀 pic.twitter.com/3XXlakb1rM
— Simply Bitcoin (@SimplyBitcoinTV) December 23, 2024

Read Next:

$84,000 Is Bitcoin’s Worst Case, Options Trading Firm CEO Says

Image: Shutterstock

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