Bitcoin has experienced a series of ups and downs in the past 24 hours. It initially started at 9 AM yesterday, dropping from a high of $98,000 all the way down to $95,000. Later, around 9 PM, MicroStrategy announced the acquisition of 15,400 bitcoins at approximately $95,976, leading to a rebound that brought the price back above $97,000.
However, just as the upward momentum was starting to return, around 12:30 AM, news broke that the U.S. government had transferred 19,800 bitcoins, with a total value of $1.92 billion, and that 10,000 of these bitcoins (approximately $968 million) had been transferred to Coinbase. As a result, Bitcoin plummeted again, falling below $95,000.
After experiencing around 3% fluctuations twice, a total of 215,696 people were liquidated in the cryptocurrency market over the past 24 hours, amounting to over $600 million.
Although the current trend of Bitcoin is still unclear and its market share continues to decline, many analysts remain optimistic about Bitcoin's performance in December.
Analysts at Bitfinex recently pointed out in a report that historically, December is usually a month of high volatility for Bitcoin. However, in the halving year, the average return for this asset is 38.86%. Given the current bullish dynamics, analysts believe Bitcoin is likely to continue rising.
Analysts emphasize that despite potential short-term volatility, the current consolidation phase is a necessary pause to absorb profit-taking and adjust market demand. With the recovery of ETF inflows and increased retail interest, Bitcoin still has a solid foundation to break through the psychological barrier of $100,000.
(This article is reprinted with permission from GT Radar)
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