As a seasoned analyst with over two decades of experience in the financial markets under my belt, I have seen countless bull runs and bear markets come and go. The current Bitcoin (BTC) price action reminds me somewhat of a rollercoaster ride – exhilarating, unpredictable, and occasionally nerve-wracking.
Bitcoin (BTC) appeared vulnerable to another decline following the December 10 opening of Wall Street, as its recent rally seemed unstable.
Analysis on Bitcoin: Market “isn’t very confident”
As a researcher, I analyzed data from both CryptoMoon Markets Pro and TradingView, and it appears that the Bitcoin price has dipped back down, falling beneath the $96,000 mark.
As the Bitcoin (BTC/USD) soared to an impressive peak of nearly $98,000, I noticed a shift in momentum – it seemed that the bullish energy had begun to wane, with the pair edging towards a potential 2% loss per day.
It seems that traders who have taken long positions are now cashing out, as suggested by the comment made by a popular trader at the peak of the daily market movement.
“Further confirms $97.7K – $98K is key for buyers to reclaim. Typically this means the market isn’t very confident on price currently till more strength is shown.”
On their YouTube Crypto Technical Analysis channel, More Crypto Online cautioned that a new dip might occur following the recent high of around $94,000.
It seems like the text you’ve provided is discussing a potential future development in financial markets, specifically suggesting that another drop (or “low”) might occur followed by an increase that could potentially push the price back towards $100,000.
In contrast to the temporary dip, analysis of trading resources suggests that smaller investors showed signs of buying interest on that particular day.
FireCharts data grouped by CVD indicates that the two smallest categories of trades are heavily influenced by TWAP bots, with these automated systems purchasing over $100 million in Bitcoin on Binance within the past 10 hours. This was corroborated along with a snapshot of the Binance order book, showcasing one of our exclusive trading tools.
“Pro Tip: That ain’t retail.”
In the aftermath, comments continued to express confidence in Bitcoin’s upward trend, even after two significant sell-off incidents.
Despite the party continuing non-stop, a few enthusiastic attendees who had taken on too much were asked to leave, as noted by Material Indicators.
Bitcoin ETFs shrug off BTC price wobbles
Institutional interest was also undeterred by recent BTC price volatility.
According to data from various sources, including Farside Investors based in the UK, there were significant daily net inflows of millions of dollars into U.S. Bitcoin spot Exchange-Traded Funds (ETFs). The inflow on December 9th was nearly half a billion dollars.
Recently, Bitcoin experienced a significant setback due to approximately $1.5 billion worth of long positions being closed, causing it to drop by around 3,000 points. However, it managed to recover after hitting the crucial support level at 95k.
“It now consolidates around 97-98k, leaving altcoins in its wake. Yet, BTC and ETH spot ETFs are on an impressive streak, posting 8 and 11 consecutive days of net inflows, respectively.”
The trend marks a shift in ETF responses to price volatility, with outflows previously resulting from short-term dips.
It was mentioned by QCP that on December 10th, Microsoft is scheduled to hold a vote regarding the potential implementation of a Bitcoin business strategy, which was initially proposed by MicroStrategy’s CEO, Michael Saylor, earlier in the month.
Read More
- GBP EUR PREDICTION
- POL PREDICTION. POL cryptocurrency
- SEI PREDICTION. SEI cryptocurrency
- TRB PREDICTION. TRB cryptocurrency
- CNY RUB PREDICTION
- HBAR PREDICTION. HBAR cryptocurrency
- RLC PREDICTION. RLC cryptocurrency
- CTXC PREDICTION. CTXC cryptocurrency
- TNSR PREDICTION. TNSR cryptocurrency
- OKB PREDICTION. OKB cryptocurrency
2024-12-10 19:46