Bitcoin (BTC) Sustains $100,000 Milestone for a Month, Setting a New Record

Bitcoin (BTC) has accomplished an unprecedented feat, maintaining a price above $100,000 for 30 consecutive days, as reported by Cryptopolitan on May 10. This surge commenced on May 8, the last instance Bitcoin dipped below the six-figure threshold, and it hasn't closed below $100,000 since.

After hitting an all-time high of $112,000 on May 22, Bitcoin's value briefly fell to $100,428, only to bounce back robustly during the weekend, climbing above $105,000. On Monday, optimism regarding U.S.-China trade talks propelled the cryptocurrency to $110,000.

This 30-day performance is viewed as a landmark by cryptocurrency investors. Some regard it as a psychological milestone, while others consider it a technical breakthrough. Analysts are closely watching to see if Bitcoin can hold above the $100,000 mark in the upcoming weeks.

$100,000 Support: A Critical Technical Barometer

Reed Harvey, a technical analyst at Wolfe Research, underscored that Bitcoin's rise above $100,000 wasn't driven solely by market sentiment. “The brief dip to exactly $100,000 last Thursday, followed by its swift recovery, is noteworthy. This level aligned precisely with the 50-day moving average,” Harvey noted.

Harvey sees the current phase as potential groundwork for retesting the $112,000 peak. He also suggested Bitcoin might consolidate within a price range before making another upward move.

Beyond short-term metrics, some analysts are focusing on broader market dynamics. Ben Kurland, CEO of cryptocurrency analysis platform DYOR, observed, “$100,000 has transitioned from being an emotional price point to a solid support level, bolstered by institutional inflows, ETF-driven capital, and a more mature investor base.”

Kurland expressed optimism about Bitcoin’s correction, adding, “If $100,000 is the new foundation, $120,000–$130,000 could logically be the next target.”

Long-Term Holders Cash Out as ETFs Propel Demand

While institutions and funds continue to accumulate Bitcoin, some long-term holders are starting to realize profits. Tyrone Ross, founder of financial advisory firm 401 Financial, stated, “Bitcoin staying above $100,000 for 30 days isn’t necessarily a monumental technical achievement, but it’s a significant data point nonetheless.”

Ross added, “On-chain data shows long-term holders are selling. Although ETF activity and corporate demand remain solid, retail investors have yet to make a significant comeback. However, sustained price levels might rekindle interest among individual investors.”

On May 27, when Bitcoin was trading around $109,000, daily sales by long-term holders who had maintained positions for over six months surged to 40,000 BTC. This figure later dropped sharply to 6,000 BTC as of Monday. Total 30-day demand also declined from 228,000 BTC to 126,000 BTC.

Julio Moreno, head of research at CryptoQuant, cautioned that reduced demand could temporarily slow Bitcoin's rise. Nonetheless, Bitcoin remains in an uptrend. As of Tuesday, Bitcoin is trading at $108,800, about 3% below its all-time high. Earlier in the day, the cryptocurrency reached $110,500, its highest point since May 22.

Bitcoin's price trajectory will likely depend on whether $100,000 establishes itself as a solid support rather than just a passing milestone.