Originally published on: December 11, 2024
Bitcoin made a strong recovery on December 11, hovering close to the $98,000 mark after facing rejection from tech giant Microsoft. Traders observed intraday highs for Bitcoin just before the Wall Street open, indicating positive market sentiment.
Despite recent selling pressure and Microsoft’s decision not to adopt a corporate BTC treasury, industry experts remain optimistic. Michael Saylor, CEO of MicroStrategy, believes that everyone will eventually realize the value of Bitcoin, urging investors to buy at their deserved price.
Currently, BTC/USD is trending upwards by around 1.5%, with market analysts suggesting that the equilibrium point is near $97,000. To reach the coveted $100,000 milestone, buyers must establish control above $98,000, while sellers aim to break below demand at $96,000.
Trader Michaël van de Poppe notes similarities in Bitcoin’s price action from last December, hinting at a potential dip before a bullish continuation into the new year. As macro volatility looms due to the release of the US Consumer Price Index, experts anticipate inflationary trends that could impact market dynamics.
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