Bitcoin Surges Past $100K, Reaching a Historic Milestone
Bitcoin, the leading cryptocurrency, has surpassed the highly anticipated $100,000 mark, triggering excitement across the crypto market. According to Coinglass data, the price surge led to increased liquidations, highlighting the market’s volatile response to the new record.
Key Highlights:
- Milestone Achievement: Bitcoin hit $100,000 a few hours ago, fulfilling long-standing predictions by market experts. The price currently sits at an all-time high (ATH) of $103,900, with a 7.62% one-day increase.
- Market Reaction: The crypto market celebrated the event, with notable figures like Michael Saylor sharing their enthusiasm on social media.
Recent Price Movement:
Just 24 hours ago, Bitcoin was trading at $95,954 before beginning its steady ascent. The landmark moment occurred around 8:00 AM Asian hours when Bitcoin surged past the $100K threshold. At the time of writing, Bitcoin is trading at $103,126, as reported by CoinMarketCap.
Unlike previous cycles, Bitcoin has managed to sustain its position above the $100K level, providing confidence to investors. Over the past year, Bitcoin has gained 134.28% YTD, staging several bull runs that broke key resistance levels.
Year-to-Date Journey:
Bitcoin’s price has seen significant milestones throughout 2024:
- January: Trading at $40K.
- March Bull Run: Pushed BTC to $70,000.
- November Surge: Broke the $90K barrier.
- December Milestone: Surpassed $100,000, marking its ascent to a new ATH.
Technical Indicators:
- Chaikin Money Flow (CMF): At 0.16, signaling increased capital inflow.
- RSI: Standing at 73.09, indicating an overbought market condition.
Broader Market Impacts:
The market has also seen an uptick in liquidations following Bitcoin’s price spike. Other cryptocurrencies, including Ethereum, have mirrored this bullish momentum with upward trends.
Bitcoin’s remarkable performance has not only captured investor enthusiasm but also shifted focus across sectors to the dynamic market activity. The cryptocurrency appears to have answered the “million-dollar” question, with analysts watching closely to see what comes next.
