Bitcoin price continues to trade below $93,000, with market sentiment driven by whale sales and Switzerland’s reserve proposal. On the other hand, BlackRock’s $37 billion investment in Bitcoin ETF has brought more positive sentiment to the market. Telegram CEO Pavel Durov also criticized the European Union for restricting media access under the Digital Services Act, raising concerns about freedom of expression in the face of censorship in Europe. Durov emphasized that Russian users have more freedom on Telegram.
Telegram’s profitability soars in 2024, surpassing $1 billion in revenue as Europe tightens content scrutiny. The European Union’s digital restrictions could boost interest in decentralized technologies and accelerate investors’ search for censorship-resistant platforms, potentially bolstering Bitcoin adoption.
Bitcoin Whale Sell $72 Million
A Bitcoin whale continued to pressure the market by selling 3,038 BTC worth $72 million as of Dec. 20. The whale deposited 778 BTC to Kraken and holds a total of 24,665 BTC. The Bitcoin price, which failed to break the 50 EMA, is trading at $92,367, down 1.1%. Traders are eyeing the support level at $85,456 and the resistance level at $96,471. Any continued selling could further deepen the price decline.
BlackRock’s Bitcoin ETF Sees $37 Billion Inflow in 2024
BlackRock’s Bitcoin ETF recorded $37 billion in inflows in 2024, surpassing Fidelity’s $12 billion in inflows. While Grayscale experienced a $20 billion outflow, Bitcoin ETFs in the US saw a total inflow of $35 billion. The interest in BlackRock’s ETF reveals the interest of institutional investors in Bitcoin. Six of the 10 most traded ETFs in 2024 were focused on Bitcoin. This reinforces Bitcoin’s growing position as a mainstream asset. Experts say that the support of institutional investors could trigger a price increase in the long term.
Swiss National Bank May Add Bitcoin to Its Reserves
A proposal has been submitted to the Swiss National Bank that would make it mandatory to add Bitcoin to its reserves. Supporters of the proposal argue that Bitcoin could serve as a reserve asset, complementary to gold. The proposal needs to collect 100,000 signatures by June 2026 to be approved. While Bitcoin adoption is increasing in cities like Lugano in Switzerland, concerns about energy consumption also persist. However, interest in Bitcoin reserves could strengthen Bitcoin’s acceptance as a reliable store of value.
Latest Situation in Bitcoin: Can the Decline Continue?
Bitcoin (BTC/USD) is trading at $93,279, down 0.48%. The falling triangle formation seen on the 4-hour chart suggests that the price could fall further. The nearest resistance level is at $94,928, while the critical support level is at $92,103. The RSI value is at 44, indicating neutral momentum. Bitcoin trading below the 50 EMA is increasing downward pressure.
If Bitcoin rises above $94,928, it could test the resistance at $98,361, but if it fails to hold on to $92,100, there could be more declines.