Bitcoin price today: $95,300
Bitcoin price retraces to $95,000 on Monday after recovering from last week’s pullback.
MicroStrategy co-founder Michael Saylor explained a strategic approach to Bitcoin on Sunday, highlighting its significance as the next technological wave that Microsoft must address.
Bitcoin US spot ETF recorded a mild outflow of $136.5 million last week, while stablecoin reserves on Binance reached a new all-time high.
Bitcoin (BTC) trades slightly lower and hovers below $95,500 on Monday after last week’s minor correction. MicroStrategy co-founder Michael Saylor emphasized on Sunday the strategic importance of Bitcoin, describing it as a pivotal technological wave that companies like Microsoft must embrace.
Traders should be cautious as Bitcoin Spot Exchange Traded Funds (ETFs) recorded a mild outflow of over $136 million last week. Still, some optimism could be seen for Bitcoin as stablecoin reserves on Binance reach a new all-time high.
Bitcoin expects volatility ahead of Microsoft shareholders’ December 10 vote on BTC proposal
Bitcoin price corrected with a slight decline of 0.73% last week, making a low of $90,791 in the first half but recovering during the second half to close at $97,185. As of this week, Bitcoin could recover its recent decline and rally towards its $100K mark, driven by Saylor’s BTC investment strategy presentation to Microsoft.
On Sunday, the co-founder of MicroStrategy, a company that provides business intelligence, mobile software, and cloud-based services, made the point during a pitch to Microsoft’s board on why the tech giant should buy Bitcoin.
“Microsoft can’t afford to miss the next technology wave, and Bitcoin is that wave,” Saylor said.
Moreover, QCP’s Monday report says, “Microsoft’s shareholders are scheduled to vote on a proposal to add BTC to its balance sheet on December 10. Could this be the catalyst BTC needs to break 100k before year end?”
The report continued, “Microsoft’s top shareholders such as Vanguard, BlackRock and Fidelity already have exposure to crypto with investments in MSTR, Coinbase and other crypto firms. One could argue that they already possess sufficient exposure. On the other hand if the proposal passes, it would be bullish not only for BTC but also for their other investments.”
Looking down into Bitcoin’s institutional flows indicates a mild fall in demand last week. According to Coinglass ETF data, US spot Bitcoin ETFs experienced a total net outflow of $136.5 million last week, compared to a $3.34 billion inflow the previous week. If this outflow trend persists or accelerates, Bitcoin could decline further in the coming days.
Despite a slight fall in institutional demand, CryptoQuant Stablecoin Reserves (ERC-20) data indicates a bullish outlook for Bitcoin and the overall crypto market. The data shows it hit an all-time high of around $28 billion on Monday on Binance. As the largest crypto exchange, Binance serves as a liquidity hub, attracting traders and institutions for stablecoin transactions, storage and trading. Rising reserves indicate renewed confidence, increased trading activity, and staking
Bitcoin Price Forecast: Rise to $100K or fall to $90K?
$BTC /Bitcoin price experienced a correction last week, dropping to $90,791 before recovering to $97,000 by Friday and consolidating during the weekend. As of Monday, it trades slightly below $95,500.
If BTC faces a pullback, it could extend the correction to retest its $90,000 support level.
The Relative Strength Index (RSI) on the daily chart reads at 61, rejected for its overbought level of 70 and points downwards, indicating a weak bullish momentum. Moreover, the Moving Average Convergence Divergence (MACD) indicator also showed a bearish crossover on November 26, signaling sell signals. It shows rising red histogram bars below the neutral line zero, also suggesting that Bitcoin’s price could experience downward momentum.
