Bitcoin just completed a significant test above the $100,000 level for the first time. The cryptocurrency had been backsliding since reaching its all-time high on May 22 , falling 10% to $100,428 by Friday. Buyers stepped in over the weekend, propping it up to $105,000. On Monday bitcoin shot back up to $110,000 on traders' optimism about U.S.-China trade talks making progress . Bitcoin has now held above the $100,000 for more than 30 days in a row for the first time ever. (It last fell below that level on May 8.) The milestone may be seen as a psychological hurdle by many, but it is nevertheless a positive indication for the digital asset. BTC.CM= 1M mountain Bitcoin (BTC) has held above $100,000 for 30 days in a row for the first time "Anytime price is able to punch through a major resistance level, whether psychological or historical, and successfully hold, it is certainly a bullish sign," Read Harvey, technical analyst at Wolfe Research, told CNBC. "What really stood out to us was price's ability to hold that level on the back test, when it briefly fell to $100,000 on Thursday. It also happened to align perfectly with the 50-day moving average. … We feel this should act as a launching pad back towards the recent highs of $112,000." He also said to expect another brief consolidation around the record before a breakout to new highs. 'A new floor' Ben Kurland, CEO at crypto research and charting platform DYOR, said $100,000 "isn't just speculative froth" now but "a new floor being tested and held by institutional flows, ETF inflows, and a maturing investor base ." "The era of short-lived rallies and quick retracements is giving way to structural support ," he said. "We're likely in the foothills of bitcoin's next climb." Sustained consolidation around all-time high levels usually sets bitcoin up for the next leg higher, he said, adding that "if $100,000 is the new base, $120,000-$130,000 becomes the next logical zone — especially as macro conditions stabilize and sidelined capital seeks asymmetric upside." Sales by long-term holders Tyrone Ross, founder and president of registered investment advisor 401 Financial, said even though bitcoin's 30 days above $100,000 represents a more psychological barrier than a technical feat, that could still help drive the coin higher. "On-chain data shows long-term holders are selling," Ross pointed out. "ETF and corporates buying is strong, but retail has yet to come back. So the longer bitcoin stays above $100,000, [it] will start to be a magnet for retail interest." Bitcoin saw a surge in spending by long-term holders (those who have held onto their coins for six months or longer) on May 27, when bitcoin was trading at about $109,000, according to the crypto data provider CryptoQuant. Spending has decreased from about 40,000 bitcoin at the time to 6,000 Monday. In the same period, bitcoin's 30-day demand has slowed to 126,000 bitcoin from 228,000, which could potentially reduce the pace of price gains, Julio Moreno, head of research at CryptoQuant, explained. On Tuesday, bitcoin was trading at about $108,800, about 3% below its record. Earlier in the day, it rose as high as $110,500, its highest level since the all-time high. —CNBC's Nick Wells contributed reporting.
