Bitcoin Buying Pressure Surges as $100K Milestone Nears

Bitcoin’s buying pressure is surging across major exchanges as the coin approaches the $100K milestone. Investors on platforms like Binance, OKX, HTX, and Bybit are driving the trend. Analysts are now closely monitoring whether Bitcoin will achieve this historic price point before the year ends.

Data from CryptoQuant reveals a sharp increase in Bitcoin’s taker buy-sell ratio on multiple exchanges. Binance recorded a ratio of 2.3, while Bybit’s ratio surged to 3.5. On HTX Global, this metric spiked to an unprecedented 28.4. These figures indicate strong buying demand compared to selling pressure, reinforcing bullish sentiment in the market.

At the time of writing, the price of Bitcoin had hit $98,717 while its market capitalization reached $1.95 trillion. Its 24-hour trading volume has reached $59.28 billion which shows active activity. Analysts credit institutional interest and seasonal factors for this momentum.

According to Crypto Rover, there is now an 87% probability that Bitcoin will hit $100K this year. This prediction is based on rising buying pressure and positive market sentiment. Historical trends also suggest December has been a bullish period for Bitcoin.

Ali, a crypto analyst, emphasized that major platforms are witnessing intensified demand. He noted that Bitcoin’s rally aligns with increasing taker buy ratios. These metrics, he added, often precede significant price movements.

Market enthusiasts believe Christmas could act as a catalyst for Bitcoin’s price action. Historical data from previous cycles shows that Bitcoin has experienced bullish runs during the holiday season. Crypto Rover highlighted these patterns, showing Bitcoin’s upward trends in late December during prior cycles.

While the sentiment remains positive, some experts warn of possible corrections. They advise keeping an eye on critical support levels, particularly around $95,000. This level serves as a psychological benchmark that could dictate further price movement.

With Bitcoin nearing $100K, investors are closely watching for any signals of a breakout. The next few weeks could be crucial in determining whether the cryptocurrency achieves this historic milestone.