As a seasoned crypto investor with a few battle scars from market corrections past, I find myself watching the current dip in Bitcoin’s price with a mix of concern and anticipation. Having been through similar situations before, I know that these periods can often be great opportunities to accumulate more BTC at attractive prices.
On December 3, the decrease in Bitcoin’s value continued for a second straight day as its price dipped below $93,600 momentarily. However, data indicates that various market players are eager to purchase the drops.
Some traders might adjust their temporary goals and decide to cash out their gains, while the Bitcoin price seems to be pausing for a moment following its impressive 37% increase in November, essentially catching its breath.
As a researcher studying Bitcoin (BTC), I believe that after an extraordinary surge of approximately $26,000 in November, which many traders view as a significant psychological barrier at the $100,000 milestone, it would be advantageous for BTC to undergo a phase of consolidation. This consolidation period would provide an opportunity for BTC to establish a defined trading range with clearly defined support and resistance levels. Such a development would help in building a healthier market structure for the cryptocurrency.
During the U.S. trading session on December 3rd, the dip in Bitcoin’s price seemed to be intensified when South Korean President Yoon Suk Yeol temporarily announced martial law, although he rescinded this declaration just a few hours later. The price of Bitcoin plummeted below $65,000 on the South Korean exchange Upbit due to a shortage of available funds for trading, while it remained around $95,000 at Binance.
As a crypto investor, I’m taking heart in the series of positive events unfolding within our market, despite the temporary dip in sentiment. Just recently, on December 2, MicroStrategy declared their acquisition of 15,400 Bitcoins at a whopping $1.5 billion, with each Bitcoin costing $95,976. This move by such a significant player is undeniably bullish and instills confidence in the long-term potential of cryptocurrencies.
On the very same day, public Bitcoin mining company Marathon disclosed plans for a private offering worth $800 million in convertible notes. The funds generated from this offering are intended for purchasing additional Bitcoins.
Next week, on December 10th, a possible positive move for Bitcoin’s price could occur as Microsoft’s shareholders are set to cast their votes regarding the potential inclusion of Bitcoin in the company’s financial holdings.
Furthermore, it’s being whispered that we might soon hear about additional developments concerning a potential U.S. strategic Bitcoin reserve, as well as a potential announcement from a Middle Eastern nation rumored to have established a comparable reserve.
A less-often considered yet crucial aspect, which can sometimes be overlooked due to its commonality, is the persistent, strong demand for investment in the specific market segments of Bitcoin Exchange-Traded Funds (ETFs), where inflows continue to flow steadily.
According to SoSoValue’s data, there was a significant inflow of about $3.38 billion into spot ETFs from November 21st to November 25th. Except for a small outflow worth $138 million last week, the month of December has begun with three consecutive days (as of now) showing inflows exceeding $100 million each day.
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2024-12-04 04:14