Amid a wider readjusting of market expectations for interest rate cuts by the Federal Reserve (Fed) for 2025, investors withdrew a record $680 million from Bitcoin ETFs on Thursday, the highest outflow in a single day since January’s approval of these investment funds. Grayscale And Bitwise Bitcoin ETFs Experience 8% Decline As Bitcoin ETFs faced this outflow, the price declined, dropping another 5% to trade around $97,400 to close the week. The sell-off aligns with a general downturn in risk assets, triggered by the Fed’s updated economic projections released earlier this week. The US central bank now anticipates only two quarter-point rate cuts in the coming year, a significant reduction from the four cuts previously expected at its September meeting. Related Reading: How Low Can Dogecoin Go Before It Rebounds? Expert Forecasts Notable Bitcoin ETFs, including Grayscale’s Bitcoin Trust and Bitwise’s Bitcoin ETF, have experienced declines of approximately 8% since the Fed’s new guidance, while Bitcoin itself has lost about 9% in the same timeframe. Notably, Thursday’s outflows broke a streak of 15 consecutive days of inflows for the twelve US Bitcoin ETFs, for a net inflow of approximately $5.3 billion during this period. After hitting a record high of just over $108,000 earlier in this week, the market’s top cryptocurrency dropped below the $100,000 level on Thursday. Prior to the recent recovery, which is just around $100,000, it fell all the way to $92,000. While the bearish sentiment in the markets can be attributed to the Fed’s cautious stance, it is also likely influenced by seasonal profit-taking among institutional investors of the Bitcoin ETFs. Analysts Warn Of Continued Crypto Sell-Off The recent selling pressure could further strain market sentiment, as noted by Joseph Dahrieh, managing principal at Tickmill. “This decline could weigh strongly on the cryptocurrency and broader market sentiment, particularly as Bitcoin fell below the USD 100,000 mark, indicating potential short-term volatility and downside risks,” he remarked. The volatility has been exacerbated by massive liquidations in both long and short positions, totaling over $240 million within a 24-hour period. Antonio Di Giacomo, a senior market analyst at XS.com, commented, “The Federal Reserve’s cautious stance in signaling fewer cuts for 2025 created an atmosphere of doubt and speculation.” Related Reading: Ethereum Investment: Trump Crypto Project Grabs 722 ETH At $2.5 Million Looking ahead, the sell-off in the cryptocurrency market may persist in the near term. Alex Kuptsikevich, chief market analyst at FxPro, speculated that the total market capitalization of cryptocurrencies could drop below $3 trillion, down from a peak of $3.7 trillion earlier this month. He cautioned that “a failure below $94,500 would signal a break of the uptrend of the last six weeks, while a fall below $92,000 would bring the price under the 50-day moving average. In this case, time is playing on the side of the bears.” As of this writing, Bitcoin has managed to stabilize above $97,400 as the week draws to a close, despite registering 4% losses over the previous 24 hours. Featured image from DALL-E, chart from TradingView.com
Bitcoin (BTC) is experiencing its first seven-day decline in eight weeks, prompted by hawkish signals from the US Federal Reserve (Fed) that have led traders to sell off the asset, which has more than doubled in value this year. Bitcoin Rebounds To $97,500 After Historic ETF Outflow The market’s leading cryptocurrency saw a drop of as much as 5.3% to $92,149 on Friday, following a record high of just above $108,000 earlier in the week. Since then the Bitcoin price has recovered the $97,500 mark, down approximately 5% since Sunday. This downturn has also affected smaller cryptocurrencies, including Ethereum (ETH) and Dogecoin (DOGE), despite a generally positive performance in US equities. Related Reading: Bitcoin Rally Loses Momentum: Could A Drop To $75,000 Signal The Final Correction? The shift in sentiment is further highlighted by a significant outflow from US exchange-traded funds (ETFs) that invest directly in Bitcoin. On Thursday, these funds recorded a historic outflow of $680 million, ending a 15-day streak of inflows, according to data compiled by Bloomberg. The heightened volatility in the crypto market follows a rally that began after Donald Trump’s victory in the US presidential election on November 5. Analysts from QCP Capital have noted that positioning in the market had become “overly bullish,” leaving digital assets susceptible to fluctuations in the Federal Reserve’s tone regarding inflation control. With the US Federal Reserve signaling a potential slowdown in its easing measures with its chair’s Powell announcement on Wednesday, the focus is shifting to the pace at which traditional financial institutions adopt cryptocurrency. Historical Patterns Suggest Potential Rebound For BTC’s Price Hani Abuagla, a senior market analyst at XTB, stated in a recent note that the interplay of monetary policy, institutional adoption, and political developments suggests that Bitcoin will remain sensitive to both macroeconomic and crypto-specific catalysts through 2025. This sentiment is echoed by Chris Weston, head of research at Pepperstone Group, who advised caution in the short term. Weston noted that while a collapse in price is not imminent, the momentum behind Bitcoin’s recent rally has diminished, indicating a shift in market control. Related Reading: XRP, Solana Among Altcoins Witnessing TD Buy Signal, Analyst Reveals Market expert Lark Davis on the other hand, weighed in on the current price action, reassuring investors that historical patterns could suggest a rebound in the coming days. The expert referenced December 2020, when Bitcoin experienced a 12% drop following a 77% rally in the preceding months but then surged from $17,000 to $41,000—a 136% increase—in just 23 days. Davis posits that a similar scenario may be unfolding now, with Bitcoin facing a 13% dip after a robust fourth quarter. While he acknowledges the possibility of an additional 10-15% correction, he remains optimistic about the potential for further upward movement in the cryptocurrency market. Featured image from DALL-E, chart from TradingView.com
The Bitcoin price movements in the past 24 hours have sent the entire crypto market into another state of disarray and liquidations. Particularly, Bitcoin has witnessed a price crash of about 5% in the past 24 hours, which has seen it breaking below the $100,000 psychological price threshold again. Although Bitcoin eventually seems to be […]
Bitcoin is under intense bearish pressure as it struggles to reclaim the $99,575 mark, a key resistance level that has proven to be a significant hurdle. After an impressive rally earlier in the month, BTC’s momentum has slowed, with sellers taking control and keeping the cryptocurrency in a tight range below this critical threshold. The current price action highlights growing uncertainty in the market, as bulls attempt to regain strength while bears capitalize on every opportunity to push prices lower. With $99,575 marked as a pivotal point, the next moves could set the stage for Bitcoin’s short-term trend. Will the bulls manage a breakthrough, or will bearish dominance prevail? The coming days hold the answer. Bitcoin Struggles Below The Critical $99,575 Resistance Level Bitcoin is currently facing significant resistance at the $99,575 level as its price fights to break above this critical threshold. Despite attempts to rally, bearish pressure has kept BTC confined below this key resistance point, limiting its upward movement. Related Reading: Bitcoin Slips Below $100K: Is The Rally Losing Steam? As Bitcoin hovers near this level, market sentiment remains cautious since there are possibilities of a breakout or a deeper pullback. Furthermore, the $99,575 level remains pivotal, as a successful breach could signal further bullish momentum, while failure to surpass it may result in increased selling pressure. BTC’s price has also dropped below the 100-day Simple Moving Average (SMA), a key technical indicator that often acts as a significant support level. This shift below the 100-day SMA suggests weakening upside strength and may signal that bears are gaining control. Historically, when the price falls below the SMA, it can indicate a potential shift in market sentiment, with further downside risk if the price fails to reclaim this important indicator. If BTC cannot regain momentum and climb above the 100-day SMA, it may face increased selling pressure, leading to more losses as bearish sentiment continues to dominate. Key Technical Indicators Suggest Challenges For BTC’s Recovery A critical analysis of the Composite Trend Oscillator indicator suggests that Bitcoin could be poised for more declines. The indicator’s trend line and the SMA’s line have dropped below the zero line, a sign of bearish momentum. Related Reading: Bitcoin Price Dips Again: Is The Momentum Shifting? When both these components fall below this threshold, it typically signals that the downtrend is gaining strength, indicating increased selling pressure. This bearish signal, combined with the price action below the 100-day SMA, suggests that Bitcoin may struggle to regain upward momentum in the near term. Conclusively, If bearish pressure on BTC continues, several key support levels will be crucial to monitor. The first significant level is $93,257, where the price could find initial support. Should BTC fail to hold above this point, the next support zone will be around $85,211, which has previously been a strong demand area. A sustained drop below these levels may suggest an extended price drop to other support ranges. Featured image from Unsplash, chart from Tradingview.com
The Bitcoin price has dropped below the $100,000 psychological level and is now holding between the $96,000 and $98,000 range. Crypto analyst Ali Martinez provided insights into why Bitcoin could be holding well within this range. Why The Bitcoin Price Is Holding Steady Between $96,000 And $98,000 In an X post, Ali Martinez noted that one of the most important support levels for the Bitcoin price is between $98,830 and $95,830, where 1.09 wallets bought over 1.16 million BTC. This explains why Bitcoin is holding steady between $96,000 and $98,000 as investors who bought between this level continue to provide huge support for the flagship crypto. Related Reading: Dogecoin Trading Volume Rises Over $6.5 Billion As Liquidations Cross $31 Million, What’s Going On? As Martinez suggested, it is important for these holders to continue to hold steady as a wave of sell-offs could send the Bitcoin price tumbling even below $90,000. The flagship crypto dropped below $100,000 following the Federal Reserve Jerome Powell’s recent speech, in which he hinted at a hawkish stance from the US Central Bank. This sparked a massive wave of sell-offs, as a Hawkish Fed paints a bearish picture for risk assets like Bitcoin. However, despite the Bitcoin price drop below, most Bitcoin holders remain in profit, which is a positive for the flagship crypto. IntoTheBlock data shows that 86% of Bitcoin holders are in the money, 4% are out of the money, and 9% are at the money. These Bitcoin holders still seem bullish on the leading crypto as they continue to accumulate more BTC. In an X post, Ali Martinez stated that so far in December, 74,052 BTC have been withdrawn from exchanges, and this trend doesn’t seem to be slowing down. Traders Anticipate A Bullish Reversal Ali Martinez suggested that crypto traders anticipate a bullish reversal for the Bitcoin price from its current level. This came as he revealed that traders on Binance nailed the top, with 62.17% shorting Bitcoin while it was trading at $108,000. Now, Martinez stated that sentiment has flipped, with 55.44% of these trading now longing dips below $96,000. Related Reading: This Analyst Predicted The Dogecoin Price Crash 2 Days Ago, Full Prediction Shows A Further 30% Decline Meanwhile, it is crucial for the Bitcoin price to hold this $96,000, as Martinez warned that if BTC loses this support, it could drop below $90,000. The analyst stated that based on the Fibonacci level, if Bitcoin loses $96,000, the next point of focus becomes $90,000 and $85,000. Meanwhile, from a bullish perspective, crypto analyst Justin Bennett suggested that the $110,000 target is still in focus for the Bitcoin price. At the time of writing, the Bitcoin price is trading at around $97,000, down over 3% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Since Donald Trump’s election victory on November 5, Bitcoin (BTC) has experienced a substantial rally, reaching record highs above $108,000. However, this momentum has recently faltered, with the cryptocurrency dropping below the critical $100,000 mark, This has prompted analysts to speculate on a potential deeper correction with some experts believing Bitcoin could dip to levels around $85,000 or even $75,000 before resuming its upward trajectory. Is It A Temporary Setback Or The Calm Before A Final Surge? Analyst Morecryptoonl highlights that the current market dynamics suggest a substantial likelihood of Bitcoin moving toward $85,000. This projection stems from the observation that the recent wave of price action lacked the strength typically seen in bullish trends, failing to reach key extension levels. The “overlapping and corrective nature” of the rally highlighted by the analyst further supports the idea that a significant pullback may be imminent. Should this scenario unfold, it could represent the last major correction of the current bull market, setting the stage for a final surge in prices. Related Reading: Ethereum To Outpace Solana In 2025, Bitwise CIO Asserts Technical analyst Rekt Capital offers a contrasting perspective, asserting that the perception of Bitcoin at $75,000 as a favorable entry point is relative to its current price of approximately $97,000. Rekt Capital further suggests that what seems like a bargain now may not have appeared as attractive when Bitcoin was previously at that level. Despite the bearish sentiment from some experts, others see the recent price correction as a significant buying opportunity. Analyst VirtualBacon argues that the market’s reaction to Bitcoin’s drop from $108,000 to $96,000 has been “exaggerated.” Is Bitcoin Preparing For New Record Highs? VirtualBacon asserts that this decline is not indicative of a market collapse but rather a healthy consolidation phase within an ongoing bull market. Historical data supports this view, as corrections of this nature often precede new highs. Key support levels, such as the weekly 21 exponential moving average (EMA) around $79,000 and the daily 200 EMA near $73,000, remain intact, suggesting that even a brief dip to these levels would not destabilize the overall bullish structure. Related Reading: 400 Billion Shiba Inu Moved: Is A SHIB Price Crash Coming? The underlying economic conditions also play a crucial role in shaping Bitcoin’s future, according to VirtualBacon. The recent Federal Reserve (Fed) actions, including a modest rate cut and a cautious approach to monetary policy, suggest a stable economic environment. While the Fed continues its policy of quantitative tightening (QT), the expectation is that this will not persist indefinitely. The rising US debt crisis is likely to necessitate a return to quantitative easing (QE), which has historically fueled bullish trends in crypto markets. In summary, the recent dip in Bitcoin’s price is viewed by many as a temporary setback rather than the end of the bull market. As long as Bitcoin maintains its position above critical support levels, the bullish trend remains intact. At the time of writing, BTC is trading at $97,720, down 3% for the 24-hour period and over 2% for the week. Featured image from DALL-E, chart from TradingView.com
Bitcoin price extended losses and traded below the $100,000 zone. BTC is struggling and might continue to move down toward the $92,000 support zone. Bitcoin started a fresh decline from the $102,000 resistance zone. The price is trading below $102,000 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance at $98,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh increase if it stays above the $95,500 support zone. Bitcoin Price Dips Further Bitcoin price failed to start another increase and extended losses below the $102,000 zone. BTC gained bearish momentum below the $100,000 and $98,000 levels. The price even spiked below $96,500. A low was formed at $95,586 and the price is now consolidating losses. There is also a key bearish trend line forming with resistance at $98,500 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading below $102,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $98,500 level. It is close to the 23.6% Fib retracement level of the downward move from the $108,295 swing high to the $95,586 low. The first key resistance is near the $100,000 level. A clear move above the $100,000 resistance might send the price higher. The next key resistance could be $102,000. A close above the $102,000 resistance might send the price further higher. In the stated case, the price could rise and test the $103,400 resistance level or the 61.8% Fib retracement level of the downward move from the $108,295 swing high to the $95,586 low. Any more gains might send the price toward the $105,000 level. More Downsides In BTC? If Bitcoin fails to rise above the $98,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $96,200 level. The first major support is near the $95,500 level. The next support is now near the $93,200 zone. Any more losses might send the price toward the $92,000 support in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $95,500, followed by $93,200. Major Resistance Levels – $98,500 and $100,000.
Jerome Powell, chair of the US Federal Reserve, recently dismissed speculations that the Fed may add Bitcoin to its reserves. At the end of the its two-day meeting, Powell stated that the Fed isn’t allowed to own Bitcoin and doesn’t desire to get involved in any government initiative to create a stockpile of digital assets. […]
Craig Wright, the computer scientist who claims to be Satoshi Nakamoto, the elusive creator of Bitcoin, was sentenced on Thursday to one year in prison by a UK judge for contempt of court. This decision, issued by Justice James Edward Mellor, follows a thorough analysis of Wright’s conduct, which the court ruled included “significant and […]
On Wednesday, BlackRock, the world’s largest asset manager, successfully acquired municipal debt through a transaction that exclusively utilizes blockchain technology. According to a Bloomberg report, this marks the first instance of municipal bonds being purchased, settled, and held entirely on a blockchain platform. BlackRock’s Historic Bond Deal Per the report, the bonds were issued earlier […]
The Bitcoin price action in the past 24 hours saw it breaking below the $100,000 price mark again very briefly before breaking above it again. Particularly, Bitcoin’s price action in the past 24 hours has been between $98,839.87 and $105,306, highlighting the potential corrections that could occur as the cryptocurrency continues to edge upwards. This fluctuation comes amid a broader bull market cycle that analysts like CryptoCon suggest is far from over. Bitcoin Crash Below $100,000 Not The End Crypto analyst CryptoCon has been a consistent voice in tracking Bitcoin’s movements using Fibonacci extensions during the current market cycle. Back in August, when Bitcoin was hovering around $60,000, CryptoCon projected a surge to $109,236 by December. This prediction was based on the 0.618 Fibonacci extension and eventually played out with remarkable accuracy. Related Reading: Cardano Price Eyes Recovery Toward $2 As Million-Dollar Whale Transactions Explode On The Network Since first breaking above the $100,000 mark on December 5, this price point has proven to be a psychological barrier and there have been multiple retests since then. Despite this back and forth, Bitcoin enthusiasts remain strongly optimistic, and the Crypto Feat And Greed Index remains in Extreme Greed. As such, the correction in the past 24 hours is viewed by CryptoCon as a minor event in a larger narrative. According to the analyst, Bitcoin’s rise to $109,000 marked just one step in its ongoing journey. The analyst emphasized that corrections, while inevitable, are becoming less significant in the context of the increasingly well-established bull market. “Corrections are an afterthought. That doesn’t mean they won’t come, it just means they’re not important,” CryptoCon said regarding corrections. The Next Target: $166,000 By February 2025 Looking ahead, CryptoCon has turned attention toward the 5.618 Fibonacci extension as the next key milestone in Bitcoin’s ongoing bull market. This projection aligns closely with a price target of approximately $162,000. According to the analyst, this ambitious target could materialize as soon as February 2025, given Bitcoin’s current rate of price growth. Related Reading: Analyst Who Correctly Predicted The Fantom Breakout Above $1 Reveals What’s Next In The Parabolic Trend At present, Bitcoin is trading at $101,600. For the cryptocurrency to reach the $162,000 level, it would need to register another 60% increase from its current price point. CryptoCon does not see the February 2025 target as the conclusion of Bitcoin’s bull run. In fact, the prediction is accompanied by a detailed multi-year chart outlining Bitcoin’s consistent upward trajectory since November 2023. This chart highlights a pattern of steady 52% gains before encountering resistance at Fibonacci extension levels. The path to $162,000 is viewed as one of some price targets before notable corrections. Interestingly, the analysis also hints at an even loftier price target tied to the 6.618 Fibonacci extension level. If Bitcoin were to reach this extreme milestone, it would translate to a price of around $254,100. For now, Bitcoin appears ready for a steady continued growth above $100,000, with corrections in between. Featured image created with Dall.E, chart from Tradingview.com
Bitcoin price started another decline below the $105,000 zone. BTC is down nearly 5% and attempting a close below the $100,000 support zone. Bitcoin started a fresh decline from the $108,000 resistance zone. The price is trading below $104,000 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $102,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh increase if it stays above the $98,000 support zone. Bitcoin Price Takes Hit Bitcoin price attempted more gains above the $108,000 resistance zone. However, BTC failed to continue higher and reacted to the downside below the $105,000 level. There was a clear move below the $102,500 support level. The price even dipped below $100,000. A low was formed at $98,728 and the price is now consolidating losses. There is also a connecting bearish trend line forming with resistance at $102,000 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading below $104,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $100,500 level. It is close to the 23.6% Fib retracement level of the downward move from the $108,297 swing high to the $98,728 low. The first key resistance is near the $101,000 level and the trend line. A clear move above the $101,000 resistance might send the price higher. The next key resistance could be $102,250. A close above the $102,250 resistance might send the price further higher. In the stated case, the price could rise and test the $103,500 resistance level or the 50% Fib retracement level of the downward move from the $108,297 swing high to the $98,728 low. Any more gains might send the price toward the $106,000 level. More Downsides In BTC? If Bitcoin fails to rise above the $101,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $98,500 level. The first major support is near the $98,000 level. The next support is now near the $96,200 zone. Any more losses might send the price toward the $95,500 support in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $98,000, followed by $96,500. Major Resistance Levels – $101,000, and $102,000.
Metaplanet Inc., a publicly traded company on the Tokyo Stock Exchange, is ramping up its efforts to build its Bitcoin portfolio. According to multiple reports, the Japanese Bitcoin consulting company has issued ¥4.5 billion ($30 million) in zero-interest bonds to finance its Bitcoin acquisition strategy. Related Reading: Bitcoin Soars Past $106,000 For A New ATH […]
Bitcoin’s upside momentum is holding firm, reaching a new all-time high and showcasing potential for more price growth towards critical resistance levels. While the recent move has triggered a wave of optimism about its future performance, pessimism still lingers among many individuals. Skeptics Remains Unchanged By Bitcoin’s Upward Strength Seasoned macro researcher and author at […]
Analysts reported that a South American country is among the Bitcoin investors who greatly benefit from the Donald Trump-fueled crypto bull market as its digital asset portfolio reaches new heights. The value of El Salvador’s Bitcoin holdings soared to $632 million after the firstborn crypto hit a new all-time high of $106,488 per coin. Related […]
Crypto analyst Charting Guy has provided a major update on the Bitcoin price action as BTC hit a new all-time high (ATH) at $108,000. The analyst drew similarities between the current price and that of 2023 while revealing what could happen next for the flagship crypto. What Next As Bitcoin Price Mirrors 2023 Move In an X post, Charting Guy revealed that the Bitcoin price is still following 2023. The analyst predicted that the flagship crypto could hit the $110,000 to $120,000 area on this leg up, with this surge expected to happen later this week or early next week. Bitcoin looks to already be on its way to this price target, having recently hit a new ATH at $108,000. Related Reading: Analyst Who Correctly Predicted The Fantom Breakout Above $1 Reveals What’s Next In The Parabolic Trend Charting Guy also predicted that the Bitcoin price would tap the resistance on the daily Relative Strength Index (RSI), forming a triple bearish divergence, marking a slight local top for the flagship crypto. Once that happens, the analyst believes that Bitcoin will consolidate between $105 and $115,000 for a few weeks. The Bitcoin price could then record a fakeout move up to the $125,000 to $130,000 range into Donald Trump’s inauguration with a quick dump afterwards. Charting Guy predicts that this dump could maybe lead to a final retest of the $100,000 psychological level. Once that is done, Bitcoin could then begin the final leg up, starting from mid-February to the 1.618 Fibonacci level at around $170,000. The analyst opined that this could mark the final cycle top. What Happens As BTC Consolidates As the Bitcoin price consolidates from around Christmas to Donald Trump’s inauguration, Charting Guy believes that altcoins will go “absolutely insane.” The analyst also predicts that these altcoins will witness another parabolic rally roughly one month after Bitcoin tops in late March. Related Reading: Ethereum Price Crash Incoming? Tron’s Justin Sun Unstakes $209 Million ETH From Lido Finance These altcoins are expected to rally higher while the Bitcoin price makes lower highs. Charting Guy noted that different altcoins could top at different times. Some could happen at the start of next year, some during the Inauguration, and others when BTC tops in March or possibly extend to April. The analyst is confident that all these altcoins will get a major top in the first quarter of next year, with an extension to April possible for some coins. Charting Guy stated that the exact top for these altcoins will depend on each altcoin and its chart structure, wave count, Fibonacci levels, and other technical indicators. Specifically, the analyst highlighted LINK and XRP, stating that both coins could have their wave 3 topping in early Q1, with a wave 4 correction into the summer and a fifth wave higher high into August and September. The analyst added that the fifth wave isn’t really guaranteed and is speculative. Featured image created with Dall.E, chart from Tradingview.com
MicroStrategy, the business intelligence firm co-founded by Bitcoin bull Michael Saylor, has significantly ramped up its Bitcoin acquisition strategy, surpassing 400,000 BTC in holdings. However, concerns about the company’s financial stability tied to the Bitcoin price have emerged, particularly from Ki Young Ju, CEO of CryptoQuant. Ju cautioned that while the prospect of MicroStrategy facing bankruptcy is not impossible, it would require an event as unlikely as “an asteroid hitting Earth.” MicroStrategy’s Financial Risks As Bitcoin Price Floor Holds At $30,000 In a recent post on X (formerly Twitter), Ju elaborated on the matter by stating that BTC has maintained a consistent price floor, never dropping below the long-term cost basis of major holders, which currently stands at $30,000. He noted: MicroStrategy’s debt is $7 billion, while its Bitcoin holdings are valued at $46 billion. Based solely on Bitcoin, the liquidation price would be around $16,500. The last cycle’s bottom was at $16,000. Talking about a drop to that level now feels as improbable as predicting $3,000 when Bitcoin was at $60,000. Related Reading: Ethereum Reaches $4,100 For The First Time In Over Three Years, Aiming For $5,000 Next In the context of current price movements, CryptoQuant noted that the price surge toward BTC’s new all-time high above $108,000 on Tuesday was fueled by short liquidations totaling approximately $151 million over the past 12 hours, The firm disclosed that the Bitcoin-to-gold ratio also reached an all-time high during this surge, reinforcing Bitcoin’s reputation as “digital gold” and affirming its role as a preferred store of value compared to traditional gold assets. Additionally, MicroStrategy’s recent inclusion in the Nasdaq 100 has bolstered market sentiment. Saylor hinted at further Bitcoin purchases, even with spot prices exceeding $100,000. CryptoQuant asserts that this inclusion could lead to passive fund inflows into MicroStrategy shares, providing the company with greater access to capital for its Bitcoin acquisitions. BTC Purchases For Sixth Consecutive Weeks Saylor stated on Monday that Microstrategy has purchased the market’s leading crypto for the sixth week in a row. This transaction adds to the firm’s considerable Bitcoin portfolio, which currently stands at 439,000 BTC, acquired for around $27.1 billion at an average price of $61,725 per coin. Additionally, Saylor revealed that the firm’s Bitcoin assets have produced significant gains, with a 46.4% increase quarter-to-date (QTD) and a 72.4% gain year-to-date (YTD). Related Reading: Solana Monthly Chart ‘Looks Ready For A Monster Run’ – Details CryptoQuant also noted that this week’s central bank meetings appear to be secondary to market sentiment surrounding Bitcoin. While it remains highly unlikely, an “extremely dovish stance” from the Federal Reserve and Chairman Jerome Powell could provide the necessary momentum for BTC to rise even further. At the time of writing, BTC is trading at $104,140, down 2.6% on the 24-hour time frame but still up 6.5% on the week. Featured image from DALL-E, chart from TradingView.com
A newly uncovered public document reveals that the Bitcoin Policy Institute, a research and advocacy group in the United States, has drafted an executive order that aims to designate Bitcoin as a strategic reserve asset. This proposed order is designed to take effect immediately upon being signed by President-elect Donald Trump on his first day […]
Bitcoin price started another increase above the $106,000 resistance zone. BTC traded to a new all-time high above $108,000 and is currently correcting gains. Bitcoin started a fresh surge above the $106,000 zone. The price is trading above $105,000 and the 100 hourly Simple moving average. There was a break below a key bullish trend line with support at $106,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh increase if it stays above the $103,750 support zone. Bitcoin Price Remains In Uptrend Bitcoin price formed a base and started a fresh increase above the $103,500 zone. There was a move above the $104,000 and $105,000 levels. The price even cleared the $106,000 level. A new all-time high was formed at $108,297 and the price is now correcting gains. There was a minor decline below the 23.6% Fib retracement level of the recent wave from the $99,250 swing low to the $108,297 high. There was a break below a key bullish trend line with support at $106,000 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $105,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $106,200 level. The first key resistance is near the $107,750 level. A clear move above the $107,750 resistance might send the price higher. The next key resistance could be $108,250. A close above the $108,250 resistance might send the price further higher. In the stated case, the price could rise and test the $112,000 resistance level. Any more gains might send the price toward the $115,000 level. More Downsides In BTC? If Bitcoin fails to rise above the $106,200 resistance zone, it could continue to move down. Immediate support on the downside is near the $105,000 level. The first major support is near the $103,750 level or the 50% Fib retracement level of the recent wave from the $99,250 swing low to the $108,297 high. The next support is now near the $102,200 zone. Any more losses might send the price toward the $100,500 support in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $105,000, followed by $103,750. Major Resistance Levels – $106,200, and $108,250.
Crypto analyst Tony Severino has drawn a similarity between the current Bitcoin price action and that of the 2017 bull run. Based on these similarities, the analyst raised the possibility of the flagship crypto witnessing an 80% surge from its current level. Bitcoin Price Eyes 80% Surge If History Repeats Itself In an X post, Tony Severino suggested that the Bitcoin price could rally to $190,000 if history repeats itself. This came as the analyst drew a comparison between the 2024 and 2017 Bitcoin Elliott Wave count, which indicated that Bitcoin could replicate the price movement from the 2017 bull run. Related Reading: Time To Sell XRP? Price Completes Head And Shoulder Pattern, Suggesting Crash To $2.2 Is Imminent The analyst’s accompanying chart showed that the Bitcoin price could reach $190,000 on the fifth wave, with this price target marking the peak for the flagship crypto in this cycle. This rally to $190,000 would be similar to how Bitcoin rose from $7,550 in the 2017 bull run to its market peak of $19,000. As to how this Bitcoin price rally to $190,000 will happen, the chart showed that Bitcoin could first retrace to around $104,000, then rally to around $123,000, followed by another price correction to $96,000. Once this price correction is done, Bitcoin will begin a new Elliott Wave count, which could eventually send its price to $190,000 on the Wave 5 impulsive move. In the meantime, the Bitcoin price is completing the Wave count, which began around late October, just before Donald Trump won the US presidential elections. Since then, Bitcoin has enjoyed bullish momentum and continued to reach new highs. The flagship crypto recently surged past $107,000 as optimism grows that Donald Trump’s administration will create the Strategic Bitcoin Reserve. BTC Could Reach $125,000 Before The Year Ends Crypto analyst Justin Bennett predicted that the Bitcoin price could reach $125,000 before the year ends. This came as the analyst stated that Bitcoin is going “full Santa Claus” mode and isn’t showing signs of slowing down. Bennett remarked that pullbacks might be hard to come by through the end of the year. The crypto analyst added that any potential pullback is unlikely, especially given the speculation that Bitcoin will become a US reserve asset under Donald Trump. In line with this, Bennett said he won’t be surprised if the Bitcoin price hits $116,000 or even $125,000 by the end of December. Crypto analyst Titan of Crypto stated that the Bitcoin price continues to ascend to the moon. The analyst predicted that the flagship crypto could rise to as high as $158,000, although his accompanying chart suggested that would happen next year. At the time of writing, the Bitcoin price is trading at around $106,559, up in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
The general cryptocurrency community is brewing with excitement and optimism following Bitcoin’s rally to a new all-time high on Monday. Despite the significant price growth, there are speculations that the uptrend may not be ending anytime soon, suggesting BTC’s potential for more increases to higher levels or milestones. Next Big Milestone For Bitcoin On The […]
In a recent interview with CNBC, Michael Saylor, founder and chairman of MicroStrategy, drew an interesting parallel between Bitcoin (BTC) and New York City, referring to the market’s leading cryptocurrency as “cyber Manhattan.” ‘Every Day Is A Good Day To Buy Bitcoin’ Saylor expressed a long-term bullish outlook on Bitcoin, stating, “We’ll just keep buying […]
Bitcoin price started another increase above the $105,000 resistance zone. BTC is gaining pace and it traded to a new all-time high above $107,000. Bitcoin started a fresh surge above the $105,000 zone. The price is trading above $104,000 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support at $105,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh increase if it stays above the $103,500 support zone. Bitcoin Price Extends Rally Bitcoin price formed a base and started a fresh increase above the $102,000 zone. There was a move above the $103,200 and $104,500 levels. The price even cleared the $105,000 level. A new all-time high was formed at $107,777 and the price is now consolidating gains. There was a minor decline below the 23.6% Fib retracement level of the recent rally from the $99,251 swing low to the $107,777 high. Bitcoin price is now trading above $104,000 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support at $105,000 on the hourly chart of the BTC/USD pair. On the upside, the price could face resistance near the $107,200 level. The first key resistance is near the $107,750 level. A clear move above the $107,750 resistance might send the price higher. The next key resistance could be $108,000. A close above the $108,000 resistance might send the price further higher. In the stated case, the price could rise and test the $112,000 resistance level. Any more gains might send the price toward the $115,000 level. Downside Correction In BTC? If Bitcoin fails to rise above the $107,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $105,000 level or the trend line. The first major support is near the $103,000 level or the 50% Fib retracement level of the recent rally from the $99,251 swing low to the $107,777 high. The next support is now near the $102,000 zone. Any more losses might send the price toward the $100,000 support in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $105,000, followed by $103,000. Major Resistance Levels – $107,500, and $112,000.
MicroStrategy, the business intelligence firm led by Michael Saylor, has ramped up its Bitcoin (BTC) acquisition strategy for the sixth consecutive week. This latest purchase comes as BTC has surged to new all-time highs, with the leading cryptocurrency recently surpassing the $106,00 mark on Monday. MicroStrategy’s Bitcoin Stash Grows To 439,000 BTC On Monday, Michael Saylor announced that MicroStrategy acquired an additional 15,350 BTC for approximately $1.5 billion, averaging around $100,386 per Bitcoin. This acquisition contributes to the firm’s substantial Bitcoin portfolio, which now totals 439,000 BTC, purchased for about $27.1 billion at an average price of $61,725 per Bitcoin. Related Reading: Solana (SOL) Faces Headwinds: Can Bulls Revive Momentum? Interestingly, Saylor also disclosed in a social media post on X (formerly Twitter) that the firm’s Bitcoin holdings have yielded notable returns, boasting a 46.4% gain quarter-to-date (QTD) and 72.4% gain year-to-date (YTD). This bullish momentum in the market follows increased optimism since November 5, when President-elect Donald Trump secured a new term in the White House with key promises made throughout the year to the industry. Investors are now confident that Trump’s new administration would make regulatory changes that could create a more favorable climate for digital assets. The US crypto market has encountered considerable difficulties in recent years, particularly from the US Securities and Exchange Commission (SEC). Microstrategy’s MSTR Rises 3% On Nasdaq 100 News The recent uptick in Bitcoin’s price is further evidenced by a significant trading volume increase, with CoinGecko reporting a $92 million surge in the past 24 hours—a 54% increase compared to the previous day. However, MicroStrategy’s aggressive Bitcoin investment strategy has not only influenced the cryptocurrency market but has also positively affected its stock (MSTR) price. Following the announcement that MicroStrategy would be listed on the Nasdaq 100 index last week, shares of the company rose over 3% in premarket trading. Related Reading: Ex-Hedge Fund Guru Bets Big On Dogecoin As ‘Core Crypto Bet’ The inclusion in the Nasdaq 100—a benchmark for technology stocks—takes effect on December 23 and is expected to attract significant investment flows, potentially leading to $2.1 billion in stock purchases from over 200 exchange-traded products that track the index. Bernstein analyst Gautam Chhugani remarked on Monday that MicroStrategy’s strategy to Bitcoin purchase is “unprecedented,” establishing the company as the largest corporate Bitcoin owner, with around 2% of the total supply. Chhugani commented: MSTR’s Bitcoin buying program is unprecedented on the street, and inclusion in Nasdaq 100 further improves MSTR’s market liquidity, expanding its capital flywheel and Bitcoin buying program. At the time of writing, BTC has managed to consolidate at $103,900 for the past few hours after surging to new all-time highs. The market’s leading crypto recorded gains of 2% and nearly 6% in the 24-hour and weekly time frames, respectively. Featured image from DALL-E, chart from TradingView.com
Bitcoin‘s potential for extended growth is regaining traction following several bullish technical indicators and price movements cited on its chart. With recent breakouts, many crypto analysts believe a major rally for BTC could be around the corner. Key Breakout Sparks Renewed Rally For Bitcoin Daan Crypto Trades, a crypto expert and trader, has pointed out […]
Optimism regarding a potential strategic reserve fund proposed by President-elect Donald Trump has propelled Bitcoin to surpass $106,000 for the first time. Related Reading: $36 Trillion Question: Can Bitcoin Really Save The US? Peter Schiff Thinks Not Since Trump won the election on November 5, 2024, the cryptocurrency had an amazing rise of over 50%, […]
Given Bitcoin’s renewed upside momentum, robust optimism and confidence in the flagship digital asset have risen significantly within the crypto community. As a result, small-scale or retail investors are demonstrating a strong interest in BTC, indicated by their continuous accumulation of the coin at a rapid rate. Small Bitcoin Wallets Under 1 BTC On The […]
The Bitcoin price has continued its foray above the $100,000 threshold and is currently trading around new all-time highs. Following its recent surge to an all-time high (ATH) above $106,000, the Bitcoin price has played out an interesting pattern on the 1-day candlestick timeframe, which points to an extremely bullish outlook for the leading cryptocurrency. Notably, Master Kenobi, a popular crypto analyst on X, revealed an extremely bullish 88-day pattern on the Bitcoin price chart, drawing parallels to a similar pattern from late 2023. 88-Day Pattern Resembles Historical Symmetry On Bitcoin Price Chart Master Kenobi’s analysis begins with the identification of an 88-day structure that bears a striking resemblance to Bitcoin’s price movements in Q4 2023, just before the current bull market phase began. Taking to social media platform X, the analyst noted that the initial 37 days of the current pattern since November 2024 mimic a similar hidden distribution phase observed last year. Furthermore, both the price action and the daily Relative Strength Index (RSI) indicator align closely with the previous cycle. Related Reading: Dogecoin Fails To Follow Bitcoin’s Recent Uptick: Is A New ATH Still Feasible This Cycle? To visualize this, he connected critical points A1 to A2 and B1 to B2 on the relative strength index, which highlighted the symmetrical nature of the formations. According to Master Kenobi, the symmetry between these sequences suggests that Bitcoin’s ongoing trajectory could mirror its past, particularly in the next 51 days. While the analyst emphasizes that this observation is not a precise prediction, he believes it offers a framework for understanding Bitcoin’s behavior based on past behavior and the current structure. Projection Points To $124,300 By Early 2025 Bitcoin and other cryptocurrencies have been known to repeat their previous price performance from time to time. By analyzing historical price playouts and current patterns, analysts and traders are provided with a context of what to expect. Expanding on his analysis, Master Kenobi ventured into speculative territory by sketching a predicted price path for Bitcoin. Related Reading: XRP Price In Motion: Analyst Reveals The Next Major Supports And Resistances The analyst speculated that the next 51-day sequence could follow a similar trajectory to the past 51 days in late 2023, culminating in a price of $124,300 by January 31, 2025. At the time of writing, Bitcoin is trading at $105,000, having recently reached an intraday high and all-time high of $106,352 in the past 24 hours, according to CoinGecko. The leading cryptocurrency is already up 12% this month, and reaching the projected price target of $124,300 would translate to a further 18% increase. Whether Bitcoin repeats its price pattern in late 2023 remains to be seen, but current price action and crypto market sentiment suggest that the Bitcoin price has a lot of room to run in 2025. Featured image created with Dall.E, chart from Tradingview.com
Bitcoin price started another increase above the $100,000 resistance zone. BTC is up nearly 5% and it traded to a new all-time high above $106,400. Bitcoin started a fresh surge above the $100,000 zone. The price is trading above $102,000 and the 100 hourly Simple moving average. There is a connecting bullish trend line forming with support at $103,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh increase if it stays above the $102,500 support zone. Bitcoin Price Rallies Again Bitcoin price formed a base and started a fresh increase above the $100,000 zone. There was a move above the $102,200 and $103,500 levels. The price even cleared the $104,000 level. A new all-time high was formed at $106,487 and the price is now consolidating gains. It is slowly moving lower below the 23.6% Fib retracement level of the recent wave from the $99,250 swing low to the $106,487 high. Bitcoin price is now trading above $102,000 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $103,400 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the recent wave from the $99,250 swing low to the $106,487 high. On the upside, the price could face resistance near the $105,500 level. The first key resistance is near the $106,500 level. A clear move above the $106,500 resistance might send the price higher. The next key resistance could be $108,000. A close above the $108,000 resistance might send the price further higher. In the stated case, the price could rise and test the $110,000 resistance level. Any more gains might send the price toward the $112,000 level. Another Decline In BTC? If Bitcoin fails to rise above the $105,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $103,500 level or the trend line. The first major support is near the $102,000 level. The next support is now near the $100,250 zone. Any more losses might send the price toward the $98,000 support in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $103,500, followed by $102,000. Major Resistance Levels – $105,500, and $106,500.
A renowned economist disagrees with Bitcoin supporters who claim that cryptocurrency could someday solve the national debt of the United States. Related Reading: Energy Crisis In Iran — Is Bitcoin Mining To Blame? Economist Peter Schiff expressed his skepticism on the bold declaration of what he called “Bitcoin pumpers” that 1 million BTC can settle […]