Analyst Links Bitcoin's Halt at $100K to US High-Net-Worth Investors Retreating

As Bitcoin's value teetered around $100,000, the cryptocurrency experienced a dip in value, which some analysts attribute to US high-net-worth investors, or "whales," selling off their holdings. This conclusion is based on observations of the Coinbase Premium, an indicator of US investor sentiment.

The premium, which shows the price difference between Bitcoin on Coinbase and other global exchanges, has recently dropped to -5.07, suggesting that Bitcoin is trading at a lower price on the US exchange. This trend indicates a bearish sentiment among US traders and could signify an increased short-term downside risk.

Despite these fluctuations, Bitcoin still maintains a positive growth of 13.6% over the past month and 44.7% over the last 12 months