Bitcoin nears $100K with $34B in strong support

Bitcoin (CRYPTO:BTC) has surged past $98,000, inching closer to the anticipated $100,000 milestone.

The cryptocurrency reached an all-time high of $99,800 last Friday but has yet to cross the six-figure mark due to resistance from market sellers.

According to IntoTheBlock, approximately 60,000 Bitcoin addresses accumulated 22,740 BTC at prices above the current levels.

These investors might sell as prices recover, potentially creating resistance near the $100,000 mark.

On the other hand, significant support has formed just below $100,000.

Data shows 458,000 addresses have accumulated 344,000 BTC—valued at approximately $34 billion—between $96,717 and $98,293.

This range is now viewed as a “growing support,” which could provide the momentum needed to push Bitcoin beyond the $100,000 threshold.

Bitcoin has experienced strong upward momentum since Donald Trump’s election victory three weeks ago, rallying from under $70,000 to its current levels.

Market optimism remains high, with many speculating that this could be the week Bitcoin finally achieves the psychological six-figure milestone.

The crypto market may see additional volatility in the coming days, influenced by key economic developments in the U.S.

However, with Thursday being a national holiday, reduced trading activity could temporarily ease price fluctuations.

IntoTheBlock remarked on the potential impact of these levels, stating that these levels could become a strong foundation to fuel a move beyond $100K.

At the time of reporting, the Bitcoin price was $93,872.32.