Originally published on: December 04, 2024
Bitcoin’s recent price correction saw the cryptocurrency briefly dip below $93,600 on Dec. 3, sparking some profit-taking among traders. However, data indicates that many market participants are eager to buy the dips, signaling strong underlying support for Bitcoin.
After a remarkable 37% increase in November, Bitcoin appears to be taking a breather and consolidating its gains. Experts suggest that this period of consolidation, where BTC establishes a defined trading range with clear support and resistance levels, is a positive and necessary step before attempting to breach the $100,000 milestone.
The recent volatility in Bitcoin’s price, such as the drop below $65,000 on the South Korean exchange Upbit, can be attributed to a variety of factors, including geopolitical events. Despite these fluctuations, bullish developments like MicroStrategy’s significant Bitcoin purchase and Mara’s proposed private offering of convertible notes suggest a positive outlook for Bitcoin’s price.
There are also rumors circulating about potential strategic Bitcoin reserves being established by countries and corporations, further boosting investor confidence in the cryptocurrency. Additionally, consistent inflows into spot Bitcoin ETFs indicate continued strong demand for Bitcoin exposure among institutional investors.
With the stage set for Bitcoin to make a push towards $100,000, the market is bracing for potential catalysts like Microsoft’s upcoming shareholder vote on adding BTC to its balance sheet. As Bitcoin continues to gain mainstream acceptance and investor interest, all eyes are on the cryptocurrency’s next move.
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