The Bitcoin price has slumped 1% in the last 24 hours to trade at $92,525 as of 2:45 a.m. EST on a 61% pump in trading volume to $56 billion.
The recent slump in Bitcoin’s price comes as Tether completes its largest Bitcoin purchase since March, acquiring nearly $780 million worth of BTC in two transactions. This move comes despite Bitcoin falling from its mid-December all-time high of $108,000 to around $92,500.
Tether’s total Bitcoin holdings now stand at approximately $7.75 billion, which is in line with its commitment to allocate up to 15% of its net operating profits to Bitcoin acquisitions.
This demonstrates sustained corporate interest in Bitcoin, even during short-term price drops, with companies like KULR Technology and Quantum BioPharma also adopting Bitcoin to diversify their reserves and attract investors.
However, MicroStrategy remains the largest corporate Bitcoin holder, significantly ahead of Tether, with a total of 446,400 BTC compared to Tether’s 83,759 BTC reserve.
Bitcoin Price Gears For A Rebound On A Strong Support
The BTC/USDT daily price action shows a significant recovery following a prolonged consolidation phase. Between June and August 2024, Bitcoin traded within a descending wedge pattern, a typically bullish formation, with the price bottoming near $55,967, a critical support zone.
The breakout from this wedge in late August marked a trend reversal, sparking a robust rally. This breakout not only negated the bearish momentum but also provided a foundation for Bitcoin’s climb to higher levels.
BTCUSDT Analysis Source: Tradingview
In early September, a golden cross, a bullish signal in which the 50-day moving average crosses above the 200-day moving average, occurred. This was a key catalyst for Bitcoin’s price surge, indicating strengthening bullish sentiment among traders. In October, Bitcoin established a support level near $71,522, which became a key base for its continued rally.
As the price advanced further, another support zone was established at $92,728, which coincides with the current consolidation phase. Despite minor corrections, Bitcoin remains above both the 50-day MA ($96,449) and the 200-day MA ($71,522), affirming the long-term bullish trend.
The chart also suggests the potential for a bullish reversal from the current support zone near $92,728. If this support holds, Bitcoin could target levels above $130,000 in the coming months, as highlighted by the upward trajectory.
The RSI (Relative Strength Index) is currently at 41.53, indicating that Bitcoin is nearing oversold conditions. This suggests room for buyers to step in and push the price higher.
However, if Bitcoin fails to sustain the $92,728 support, it could retrace toward the next major support at $71,522, which aligns with the 200-day MA.
Best Wallet Presale Soars Past $6.1 Million
As Bitcoin price prepares for its next price surge, excitement is building around the Best Wallet ($BEST) presale, which has already raised more than $6.1 million in its presale funding.
An analyst from the popular 99 Bitcoins YouTube channel, with over 719k subscribers, points out that $BEST could present incredible opportunities for substantial gains once it officially launches.
With the crypto market in an upward swing, many investors are looking for the next big opportunity, and $BEST seems poised to deliver.
Best Wallet is more than just a digital wallet, it’s an all-in-one gateway to the Web3 ecosystem. It combines a decentralized exchange (DEX), wallet features, and a suite of tools designed to help users manage their digital assets seamlessly.
One of the most appealing features of Best Wallet is the “Upcoming Tokens” section, which allows users to discover promising tokens before they hit the market. One of the standout tokens featured is the Meme Index (MEMEX), which has already raised over $1.25 million in its presale.
🚨 Meme Index is live in Upcoming Tokens! 🚨@memecoin_index presents the first-ever diversified meme coin platform, powered by $MEMEX, giving unparalleled access to the $120 billion meme coin market.
Meme Index offers exclusive access to indexes that cater to every risk… pic.twitter.com/GsiBBuZOzX
— Best Wallet (@BestWalletHQ) December 27, 2024
However, there are success stories like the Catslap (SLAP), a meme coin that delivered over 3,000% returns for those who took advantage of Upcoming Tokens’ recommendation.
The latest success is Crypto All-Stars (STARS), a meme coin staking protocol after its presale price of $0.00138, soared to $0.02043 on exchanges, providing a huge 1,300% return.
Investors can stake their $BEST tokens, as the platform offers a remarkable 347% annual return, making it a highly attractive option for long-term investors.
Right now, you can grab $BEST tokens for just 0.023325, but with a price hike scheduled in less than two days, now is the time to seize this major opportunity.
To participate in the $BEST token presale, head over to bestwallet.com.
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