Bitcoin’s price correction extended into its second day as the cryptocurrency briefly slipped below $93,600 on December 3. However, data suggests that market participants are eager to buy the dip.
The recent surge in Bitcoin’s value, which reached a record high of over $100,000 in November, has led to a period of consolidation. This is seen as a healthy next step for the market, allowing it to build some structure and define clear support and resistance levels.
In South Korea, where the price plummeted due to liquidity issues on Upbit exchange, traders were caught off guard by President Yoon Suk Yeol’s brief declaration of martial law before retracting it. The contrast in prices between Korean and global exchanges, with $30,000 separating them, highlights the significant market differences.
Despite this brief setback, several bullish developments have occurred or are pending. MicroStrategy announced a $1.5 billion investment in 15,400 Bitcoins on December 2, boosting the company’s BTC yield to 63.3% YTD.
Additionally, listed miner Mara plans to use $800 million from an upcoming private offering to purchase more Bitcoins. Microsoft shareholders will vote on adding Bitcoin to the company’s balance sheet on December 10, potentially providing a further boost to prices.
A robust appetite from spot Bitcoin ETFs has also been evident, with inflows remaining strong. SoSoValue data shows that the spot ETFs registered $3.38 billion in inflows between November 21 and 25, with no significant outflows so far this month.
Source: https://cointelegraph.com/news/bitcoin-range-consolidation-a-heathy-next-step-before-next-btc-attempt-at-100-k