Will Bitcoin be able to maintain the support level at $100,000 or is a decline coming?

According to CoinGecko data, Bitcoin, on Thursday morning, surpassed the long-awaited $100,000 milestone and reached $103,900, the all-time high during U.S. trading hours.

The historical climb came after a brief concern that triggered a fear of impending sales due to a large amount of Bitcoin being transferred to exchanges in the early hours of the day. However, these concerns were short-lived as Bitcoin quickly surpassed the six-digit figure.

Market analysts argue that it is unlikely for Bitcoin to fall below $100,000 in the short term, citing strong demand on the buy side. Valentin Fournier, an analyst at BRN, said, "The order book shows that there is strong support at $100,000 with over 4,600 BTC buy orders," and added, "On the sell side, there are about 3,400 BTC orders below $110,000, which indicates weaker resistance compared to the hurdle that needs to be overcome to exceed $100,000."

Vincent Maliepaard, Marketing Director of IntotheBlock, announced on Wednesday that over 8,000 BTC worth approximately 860 million dollars made a significant 'net inflow' to exchanges. Such movements usually indicate that investors may be preparing to sell or profit at current price levels.

Maliepaard, “It is not yet clear how many investors will use this new high level to make a profit,” he said, adding: “We update this data daily and will have a clearer picture tomorrow.”