According to Cointelegraph, Bitcoin fluctuated after Wall Street opened on December 17, with BTC/USD reaching a record high before quickly falling by more than $2,000 and returning to near the daily opening price.
Whalemap data shows that a large number of whales have accumulated more than 150,000 BTC at $98,133, which may become a support during the decline.
CoinGlass data shows that open interest in the futures market has fallen by about $1.3 billion from more than $70 billion.
QCP Capital noted that despite the record high spot prices, the options market remains bearish, which may indicate that investors prefer to hedge risks.
Analyst Rekt Capital warned that Bitcoin could face a deeper correction, with historical data showing that corrections often occur in the seventh week of the price discovery period.
