• The price of bitcoin was around $93,000 on Tuesday, retreating from levels just below $100,000 seen last week. Monday saw the third-largest day of outflows from the bitcoin ETFs on record.

• Bitcoin market watchers say much of the selling is coming from relatively new buyers who got in above $56,000.

• Companies continue to purchase bitcoin, which some analysts feel could prop up prices in the near-term.

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 over $99,500 on Friday. The $100,000 mark seemed imminent. Now, however, it's closer to $92,000.

What happened? And what's next?

Bitcoin's rally picked up steam after Donald Trump's electoral victory, with optimism regarding a more crypto-friendly administration and Congress that could pave the way for regulatory clarity the crypto-industry has been seeking helping to lift bitcoin and other crypto assets.

Still, that rally has slowed lately. Some analysts say that is likely a result of profit-taking by relatively new investors into the asset, 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.

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 large inflows that seen in these products since Election Day. (BlackRock's iShares Bitcoin Trust (IBIT) saw $267.8 million 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.

So far this year, bitcoin prices have more than doubled, gaining roughly 120%. The S&P 500, a broad 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.