Bitcoin's march to $100,000 stalls. Here's what's keeping it below the milestone

Bitcoin is trading stubbornly below the $100,000 mark, putting the brakes on a blistering rally that's seen the cryptocurrency rise to touching distance of the key psychological level.

The world's biggest cryptocurrency has risen over 40% since Nov. 5, the day of the U.S. election which saw Donald Trump re-elected as president.

Trump's inauguration isn't until Jan. 20, 2025, but that hasn't stopped his pro-crypto commentary from boosting sentiment.

Bitcoin hit a new record high last week, with prices climbing above $99,000 for the first time. However prices have since taken a breather, and bitcoin was trading around $98,243.25 early Monday, according to CoinGecko data — up only a fraction of a percent on the day.

CNBC asked analysts for their take on why bitcoin has so far failed to breach the widely-watched $100,000 mark.

Andre Dragosch, head of research for Europe at crypto-focused asset management firm Bitwise, said bitcoin was likely being kept below the psychological barrier as investors take profit from its sizable post-election rally.

Bitcoin has "so far failed to breach" $100,000 because "long-term holders have started to distribute significant amounts of bitcoins into the recent rally," Dragosch said in a research note shared Monday.

He added he expects the bitcoin rally to "take a break in the short term as sentiment remains elevated and positioning appears to be somewhat stretched."

However, "this could be a bull market correction rather than a change in trend," Dragosch said, adding that overall, "bitcoin valuations are still far away from being excessive."

A squeeze on supply of bitcoin resulting from events such as the so-called "halving" earlier this year — which resulted in the issuance of new bitcoin to miners