CandleFocus Bitcoin’s $100K Breakout Pause Likely Due to Liquidity Factors and Nvidia's Stalled Rally
2024-12-11
Author: Content Editor
Bitcoin (BTC) has been trading in a price range between $90,000 and $100,000 for the third week, with only a brief rise into six figures on December 5. Two factors are holding back the upside. Firstly, the influx of liquidity into the crypto market through channels like spot ETFs has slowed, which has dampened bullish momentum. Secondly, the slowdown in the uptrend of chipmaker Nvidia's shares has also impacted BTC. BTC and Nvidia correlated positively since late 2022, but the correlation has weakened recently due to Nvidia's slowdown. The sustainability of BTC's breakout above $100,000 depends on liquidity inflows and broader market sentiment.
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