Bitcoin at a Turning Point... Breaking Through $99,700 Is Key [Bitcoin Now]

In the fourth week of November, the price of Bitcoin slightly retreated to the $96,000 range compared to the previous week. Analysts suggest that Bitcoin has reached a critical turning point just before entering the "dream milestone" of $100,000.

According to the global cryptocurrency market tracking site CoinMarketCap, as of 7:33 PM on December 1 (KST), the price of Bitcoin was $96,895.24, up 0.46% from the previous day. It rose 1.08% compared to a week ago and increased 38.28% compared to a month ago. The year-over-year increase rate is 150.69%.

Bitcoin's price started at the $97,000 range on November 25, then widened its decline, dropping to the $91,000 range on the 27th. However, it soon showed an upward trend, surpassing $98,000 on the 30th. Afterwards, it turned downward again and showed sideways movement just before reaching the $100,000 milestone.

The cryptocurrency specialized media CoinGape noted, "Selling pressure surged between $99,200 and $99,700, which could cause Bitcoin's price to fall back to $90,000. However, if buying momentum flows in and establishes a new support level at $99,700, there is a possibility of breaking through the all-time high of $100,000."

Currently, factors supporting cryptocurrency prices include political events such as the election of Donald Trump, a pro-cryptocurrency president. There is also anticipation of additional capital inflows through Bitcoin exchange-traded funds (ETFs). Companies like MicroStrategy have contributed to strengthening market confidence by purchasing large amounts of Bitcoin. According to the U.S. Wall Street Journal (WSJ), MicroStrategy holds approximately 386,700 Bitcoins, valued at about $37 billion (51.67 trillion KRW). Additionally, it is analyzed that a chasing buying trend continues due to the recent price surge.

According to the cryptocurrency data provider Alternative, the Fear & Greed Index, which indicates investor sentiment as of this day, stands at 81 points (extreme greed). This is similar to the previous week's 80 points. Alternative's Fear & Greed Index ranges from 0, indicating extreme fear and pessimism about investment, to 100, indicating optimism.