Originally published on: December 04, 2024
Bitcoin experienced a rebound from its weekly lows on December 4th, with traders regrouping after a flash crash caused by the “Kimchi premium”. The cryptocurrency, which had briefly dipped below $94,000 due to political turmoil in South Korea, bounced back to approach $97,000, marking a 1% increase for the day.
Chart data from Cointelegraph Markets Pro and TradingView indicated that Bitcoin was on the rise, with key levels to watch including the 21-day simple moving average at $94,560. Popular traders like Skew and Rekt Capital shared their insights, with expectations of reclaiming the weekly open around $97,270 for further gains.
Despite concerns of a potential retest towards $90,000, retail interest in Bitcoin remains strong. Onchain analytics from CryptoQuant revealed a surge in buyer volume among smaller investors, indicating ongoing demand even as long-term holders take profits.
The market sentiment points towards a decisive moment at the $100,000 mark, with traders closely watching for any further price movements. As always, it’s important for investors to conduct their own research and make informed decisions when trading.
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