Bitcoin hits $90K with steady gains amid record $2.2B inflows
Bitcoin profit-taking remains low despite ATH, realized profits peak at $3.1 billion
Bitcoin has soared 30% since the U.S. election on November 5. Due to investor’s optimism following Donald Trump's victory, the flagship crypto has surged to over $90,000, smashing through previous all-time highs and seeing steady growth every day for the past week.
Interestingly, while Bitcoin hits new highs, profit-taking above $90,000 has remained relatively low compared to past surges. Analysts point out that while profit-taking has increased slightly, it’s still not at the levels seen during previous ATH runs, hinting at stronger buying interest capable of absorbing selling pressure. Recent data shows realized profits peaked at $3.1 billion in March but have since leveled off, suggesting a stable supply-demand balance.
Analysts forecast pullback to $77,000 as CME gap remains open
Miners have also been moving large amounts of Bitcoin from wallets, with over 25,000 BTC worth $2.2 billion exiting mining pools on November 12. While these outflows could indicate preparation for profit-taking, many analysts argue it’s more about positioning for the next halving cycle. On the institutional front, Bitcoin ETFs saw record-breaking inflows, with a staggering $2.28 billion added in just three days post-election.
Bitfinex’s latest report highlights the potential for continued gains, backed by demand that appears willing to support Bitcoin at higher levels. Open Interest (OI) in Bitcoin futures has hit $45.43 billion, reinforcing the trend with high speculative activity. However, analysts suggest that a pullback toward $77,000 is very likely, especially to close the CME gap. This correction could further stabilize BTC’s trajectory, potentially setting it up for the much-anticipated $100,000 mark within the coming months.
BTC price faces tough resistance at $90,000 amid Coinbase rising spot volume. Bitcoin is now in a heated struggle to reclaim the $90,000 mark.
