The "bitcoin $100,000" price milestone has proven elusive. Some analysts are are blaming skittish investors taking profits as companies continue to purchase the crypto asset.

Bitcoin (BTCUSD), the largest cryptocurrency by market cap, rose to an all-time high 澳洲幸运5官方开奖结果体彩网:over $99,500 on 𝔉Friday. The $1♛00,000 mark seemed imminent. Now, however, it's closer to $92,000.

What happened? And what's next?

Profit-Takin♑g Rammed The Brakes On Bitcoin Rally

Bitcoin's rally picked up steam after 澳洲幸运5官方开奖结果体彩网:Donald Trump's electoral victory, with optimism regarding a more crypto-friendly administration and Con♏gress that could pave the way for regulatory clarity the crypto-industry has been see𒈔king helping to lift bitcoin and other crypto assets.

Still, that rally has slowed lately. Some analysts say that is like💖ly a result of profit-taking by relatively new investors into the ass♉et, with longer-term investors holding on to their bitcoin.

Most of the selling "is coming from 2024 buyers who bought above 56k," said Galaxy Digital CEO Mike Novogratz in an X post Sunday, citing Galaxy's research. "Normal profit taking.

Bitcoin analyst James Check said those who purchased bitcoin around $68,000 six weeks ago are responsible for a large amount of the selling pressure this month.

Investors Pull Money Out Of Bitcoin ETFs

Strong selling was also seen in bitcoin exchange-traded funds (ETFs) on Monday, as the category had its third-largest day of outflows on record at $435.3 million, according to Farside Investors.

This follows the 澳洲幸运5官方开奖结果体彩网:large inflows that seen in these products since Election Day. (BlackRock's iShares Bitcoin Trust (IBIT) saw $267.8 mi♍llion of inflows😼 on Monday, despite the net outflows for the category as a whole.)

Bitcoin ETFs hold bitcoin and they needed to purchase it as more investors poured money into these products. That's why spot bitcoin ETFs were partially responsible for the cryptocurrency's rise this year.

Where Is Bitcoin Headed?

So far this year, bitcoin prices have more than doubled, gaining roughly 120%. The S&P 500, a bro🍰ad stock index, has risen about 25%.

Some analysts called for bitcoin to rise above $100,000, though others figured that might not last. Novogratz in a CNBC interview last week said he expected a price correction, though not one that sends bitcoin below $80,000.

The recent weakness comes at a time when more companies are purchasing bitcoin. MicroStrategy (MSTR) 澳洲幸运5官方开奖结果体彩网:announced the purchase of another $5.4 billion worth of bitcoin on 澳洲幸运5官方开奖结果体彩网:Monday morning. Companies such as Marathon Digital (MARA), Semler Scientific (SMLR) and Rumble (RUM) have also committed to 澳洲幸运5官方开奖结果体彩网:purchasing bitcoin.

If that trend continues it could bolster bitcoin prices, according to Coinbase Researcꦦh.

"We think that these corporate inflows represent an increasingly important source of capital inflow into the space as corporate purchase plans that we think may be relatively more price inelastic," Coinbase researchers wrote in recent commentary. "This could contribute to continued market momentum in the near term."