Bitcoin

Bitcoin’s upside momentum from the so-called “Trump trade” may have come to an end until the world’s first cryptocurrency breaches the key $98,000 resistance.
The Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) price rejected the $96,000 level in four consecutive attempts before falling to $94,812 as of 11:39 am UTC on Dec. 3, Cointelegraph data shows.
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 <img alt="Bitcoin ‘Trump trade’ finished until BTC breaches key $98K resistance" src="https://s3.cointelegraph.com/uploads/2024-12/01938c7f-3dfd-7aa7-a121-52d402d51f09" title="">
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 BTC/USD, 1-day chart. Source: Cointelegraph
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Bitcoin may not see significant upside momentum until it crosses the $98,000 resistance, according to crypto trader, analyst and entrepreneur Michaël van de Poppe, who wrote in a Dec. 3 X <a data-ct-non-breakable="null" href="https://x.com/CryptoMichNL/status/1863874566898012498" rel="null" target="null" text="null" title="null">post</a>:
<blockquote>
 “Bitcoin still patiently waiting to break $98,000 to get ourselves into the magic wonderland of $100,000+ [...] might take some time. If we do dip, regardless, then my areas stay unchanged.”
</blockquote>
<figure>
 <img alt="Bitcoin ‘Trump trade’ finished until BTC breaches key $98K resistance" src="https://s3.cointelegraph.com/uploads/2024-12/01938c7e-d48d-7f37-881c-d17691331244" title="">
 <figcaption style="text-align: center;">
 BTC/USD, six-hour chart. Source: Michaël van de Poppe&nbsp;
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Before the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/us-elections" rel="null" target="null" text="null" title="null">2024 United States presidential election</a>, some analysts said that Bitcoin was used as a <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-trump-hedge-macroeconomic-all-time-high" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-trump-hedge-macroeconomic-all-time-high">proxy trade for Donald Trump’s election victory</a>, but the rally lacked the fundamental macroeconomic conditions to result in a new all-time high for Bitcoin, which rose to a record $99,800 on Nov. 22, two weeks after Trump’s victory.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-nears-100k-defying-415-death-predictions" rel="null" target="null" text="null" title="null">Bitcoin was pronounced dead 415 times, now it battles for $100K</a>
<h2 id="bitcoin-needs-to-breach-98-000-to-claim-100-000-new-high">Bitcoin needs to breach $98,000 to claim $100,000 new high</h2>
Still, crypto analysts increasingly see the six-figure valuations as a matter of time for Bitcoin price.
Bitcoin could hit a <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-liquidity-index-110k-top-january-2025" rel="null" target="null" text="null" title="null">$110,000 local top</a> in January 2025 based on its correlation with the Global Macro Investor’s Total Liquidity Index, which offers an aggregate view of all major central bank balance sheets.
<figure>
 <img alt="Bitcoin ‘Trump trade’ finished until BTC breaches key $98K resistance" src="https://s3.cointelegraph.com/uploads/2024-12/01938c7e-8682-7921-a877-502a3ca6bbaf" title="">
 <figcaption style="text-align: center;">
 GMI total liquidity index, Bitcoin (RHS). Source: Raoul Pal
 </figcaption>
</figure>
Based on technical chart patterns, Bitcoin could beach $110,000 after clearing the $98,000 resistance, according to pseudonymous analyst DonAlt, who wrote in a Dec. 2 X <a data-ct-non-breakable="null" href="https://x.com/CryptoDonAlt/status/1863712487431905336/photo/1" rel="null" target="null" text="null" title="null">post</a>:
<blockquote>
 “Probably giga sends on a close above $98k towards $110k. Probably wipes everyone on a dip to $80k if it loses $90k.”
</blockquote>
<figure>
 <img alt="Bitcoin ‘Trump trade’ finished until BTC breaches key $98K resistance" src="https://s3.cointelegraph.com/uploads/2024-12/01938c7d-9eb2-73b9-a390-4568d4ce03d1" title="">
 <figcaption style="text-align: center;">
 BTC/USD, 1-day chart. Source: DonAlt
 </figcaption>
</figure>
However, the analyst added that Bitcoin could continue to trade in its current range without a significant movement to either side.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ether-price-surpass-4000-trump-inauguration" rel="null" target="null" text="null" title="null">Ether to breach $4K before Trump’s inauguration — Analyst</a>
<h2 id="bullish-signal-short-term-holders-stop-selling-bitcoin">Bullish signal: short-term holders stop selling Bitcoin</h2>
Bitcoin short-term holders (STHs) stopped selling Bitcoin, which is a promising sign for price trajectory since STH selling patterns are decisive for Bitcoin’s momentum in the short term.
STH selling was the reason Bitcoin failed to breach $100,000 in November, according to Sina G, co-founder and chief operating officer of 21st Capital, who wrote in a Dec. 2 X <a data-ct-non-breakable="null" href="https://x.com/Sina_21st/status/1863403812175937911" rel="null" target="null" text="null" title="null">post</a>:
<blockquote>
 “We were rejected pretty hard from $100K because STH took profits, as evidenced in SOPR spike. High SOPR = High profit-taking. But they have stopped taking profits.”
</blockquote>
<figure>
 <img alt="Bitcoin ‘Trump trade’ finished until BTC breaches key $98K resistance" src="https://s3.cointelegraph.com/uploads/2024-12/01938c7d-305d-7d8d-b82b-c9402bea0ac5" title="">
 <figcaption style="text-align: center;">
 BTC: Short-term holder SOPR. Source: Sina G.
 </figcaption>
</figure>
Bitcoin price may also benefit from <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-2-trillion-investment-2025-liquidity-injections" rel="null" target="null" text="null" title="null">$2 trillion of investments in 2025</a>, as it may absorb around 10% of the newly created money supply, which is expected to rise to $127 trillion due to the US Federal Reserve’s liquidity concerns.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/bitcoin-90k-forecast-crypto-trader-solana-etf-filings-hodlers-digest/" rel="null" target="null" text="null" title="null">Is Bitcoin heading back to $90K? Solana ETFs, and more: Hodler’s Digest, Nov. 17 – 23</a>

Bitcoin ‘Trump trade’ finished until BTC breaches key $98K resistance

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