Bitcoin Nears $100K Milestone, Reaching $96,859 Amid Whale Activity and Market Optimism
Bitcoin (BTC) hit $96,859 today before settling at $96,171, reflecting a 0.55% daily gain. With a market cap of $1.90 trillion and a 24-hour trading volume of $47.13 billion, the cryptocurrency continues to display resilience despite rising mining difficulty and reduced block rewards. The recent recovery from $90,775 underscores strong investor confidence.
Whale Activity and Market Dynamics
Significant whale transactions have sparked market interest:
- A dormant wallet, inactive for 11 years, transferred 16.2 BTC (valued at $1.56 million) to an unknown address on Nov. 29 at 06:47 UTC.
- Another major transaction involved 1,900 BTC, worth approximately $180 million, moving between two anonymous wallets.
These activities highlight ongoing large-scale involvement in the Bitcoin market, although investor sentiment remains cautious. Analysts suggest Bitcoin still has growth potential before reaching its market top.
Options Expiry Drives Volatility
The largest Bitcoin options expiry of 2024, worth $13.6 billion, takes place today, with bulls holding a 19% advantage in call options over puts. Key scenarios include:
- Gains of $4.58 billion if BTC closes above $98,000.
- A $3.55 billion gain if Bitcoin stays between $94,000 and $98,000.
- Even at $90,000-$94,000, bulls stand to gain $2.6 billion.
This high-stakes trading environment contributes to increased volatility and pushes Bitcoin closer to the $100,000 milestone. 
Technical Indicators and Key Levels
- RSI: Currently at 67.02, indicating bullish momentum with potential for short-term consolidation.
- Chaikin Money Flow (CMF): At 0.16, signaling steady capital inflows.
- Support and Resistance Zones:
- Critical support is at $93,580, where 667,000 addresses purchased about 504,000 BTC.
- Resistance lies between $98,000 and $102,000; breaking this level could propel Bitcoin beyond $100,000.
Outlook
To maintain bullish momentum, Bitcoin must stay above $90,000. A breakout past $98,000 would significantly increase the likelihood of surpassing $100,000, marking a historic milestone for the cryptocurrency.
