Analyst: Bitcoin encounters a $100,000 resistance, market focus shifts to Ethereum and other altcoins

According to the latest report released by QCP, the crypto market fell yesterday, with over 100 million USD worth of BTC and ETH positions being liquidated on major exchanges. However, both are still stably operating above key support levels of 95,000 USD and 3,200 USD respectively.

Despite a pullback over the weekend, forward volatility remains high. The market expects BTC to possibly maintain range-bound fluctuations before December while short-term focus shifts towards ETH. The risk reversal indicator for ETH shows a higher demand for short-term bullish options whereas demand for bullish BTC options is concentrated after December 27th, 2024. This could potentially be related to Trump's supportive policies towards cryptocurrencies which are expected to take effect next year.

Recently, BTC's market share has dropped from 62% to 59%, reflecting a possible trend of funds gradually shifting from BTC towards ETH and other altcoins.

In addition, Michael Saylor hinted today at possibly increasing his holdings in BTC. Market attention is focused on whether MicroStrategy's new round of purchases will push BTC past the $100K mark; if achieved this could further increase Bitcoin’s value while impacting altcoins in the short term.