Bitcoin Is Struggling to Surpass $100,000 Milestone
Bitcoin (BTC) is down 3.0% this week, trading at $94,980, while Ethereum (ETH) is declining by 3.4% to $3,577, signaling that the recent growth wave may be losing momentum. However, Bitcoin still has potential to reach the psychologically significant $100,000 mark, supported by continued upside in certain altcoins like Dash (DSH), which surged by 46.0% over the weekend.
On the downside, Bitcoin’s rally is burdened by extensive margin trading, which adds selling pressure and drags prices lower. Despite ambitious targets of $150,000-200,000 per coin captivating investor interest, these mind-boggling projections could lead to adverse outcomes. Retail investors, driving prices higher with speculative enthusiasm, risk triggering a correction. This increases the likelihood of a pullback to the key support range at $75,000-80,000 as the market grapples with overleveraged positions and heightened volatility.
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