The leading cryptocurrency Bitcoin (BTC) started the new week positively, approaching $ 100,000. While there is curiosity about what will happen to the Bitcoin price next, cryptocurrency trading firm QCP Capital said that Bitcoin is facing significant sell orders as it approaches $ 100,000. Sharing their daily analysis on Telegram, QCP Capital analysts said that Bitcoin is facing significant sell orders and therefore it is difficult for it to go higher. Analysts noted that similar resistance and selling pressure was seen last month, when Bitcoin briefly exceeded $ 100,000 on December 5 and funding rates rose above 60%, and said that unlike December, funding rates are currently at more normal levels. Analysts stated that they do not expect a bullish breakout in Bitcoin in the near term at this point, and also added that it is unlikely that Trump-related catalysts will come before the inauguration ceremony on January 20. With no major crypto-specific developments expected, analysts said the market focus has shifted to broader economic indicators, particularly the US labor market data scheduled for release on Jan. 10. “Bitcoin had a positive start to the week as it approached the 100k level but is once again facing heavy selling pressure. This is the level where increasing selling pressure was seen in December. So will BTC break 100K again? When this key level was first broken on December 5, funding surged above 60%. However, funding levels remain healthy this time around and we do not expect a higher squeeze in the near term. Unlike before, any Trump-related catalysts are also unlikely to come after the January 20 inauguration. With no crypto-specific catalyst on the horizon, the focus will be on the first US employment report of the year this Friday.” *This is not investment advice. Continue Reading: Bitcoin (BTC) Exceeded $100,000 Again! Will the Rise Continue? Analysis Company Announced!
