Bitcoin (BTC) at $100,000 is almost a reality
Bitcoin has updated its historical maximum, coming close to the $100,000 mark. On Friday, November 22, the main cryptocurrency tested the $99,486 mark
At the time of publication, the bitcoin exchange rate is at $98,336, having retreated from record values. We are figuring out what to expect: a further correction or $100,000 and a "native" today.
Whales are set to grow
Currently, bitcoin is only 1% short of the sacramental mark of $100,000. Considering that the cryptocurrency has already grown by more than 40% in a month, taking this milestone seems like a matter of time.
Trading volumes support a bullish scenario. According to CoinGecko, the trading volume over the past day exceeded $118 billion, the highest figure since November 14. This growth reflects the increased demand for BTC, most of which is generated by buyers.
The indicator of the ratio of long and short positions (Long/Short Ratio) on Binance shows that retail traders and large holders (whales) assess the situation differently. Over the past hour, more than 53% of retail traders have opened short positions on bitcoin futures, expecting the price to fall. But at the same time, more than 58% of whales are in long positions, betting on further growth.
Technical indicators give a mixed picture
Exponential moving averages (EMA) also support the continuation of the current uptrend to $100,000 thousand. The EMA for 9 periods (blue) on the 4-hour chart is above the EMA for 21 periods (orange). This arrangement of the EMA lines indicates that the price continues to form higher highs and lows. This is a classic uptrend signal.
However, the relative strength index (RSI) is above 70, indicating that the market is overbought. In this case, it is possible that the $100,000 test will be preceded by a small correction. However, further growth remains the most likely scenario in the medium and long term.