The post BTC Price Stabilizes Around $100K, Whales Accumulating, $110K Next? appeared on BitcoinEthereumNews.com.

The Bitcoin market has had recent trading sessions with large-scale investors making large purchases with BTC price showing remarkable gains. A recognized Bitcoin whale just invested in another 1,000 BTC, worth about $101 million. The same investor had similar large transactions two days ago. This one saw an acquisition of 1,000 BTC that cost $96.8 million at an average price of $96,794 per BTC. This indicates the possible anticipation of more gains to come. Bitcoin Price Consolidates around $100K BTC price recently has shown huge stability, hovering around the $100,000 mark. It comes after a bout of intense volatility during which the cryptocurrency moved up and down, frequently gaining sharp corrections. The $100,000 consolidation point implies a big buyer presence here, preventing further drops, and setting a new baseline for the possible ups. Taking a look at analyst opinions, they note that there is ‘full euphoria’ in the market. This means that although we saw positive movement, the market could be over-bull, especially in the short term. – Advertisement – The expert points out “fake outs” that could be pointing to a breakout, break of resistance, or break down at support that didn’t hold. According to them, the recent recovery given seems to have been the fake out and if so, it appears it happened below a support level luring bears just before moving back up. BTC price is approaching a recent rally towards a resistance zone at $104,285.37 according to the expert’s chart. The price came back to consolidate at a support level of $101,901.83 after a dip, making it worth noting. The resistance might be a turning point for the projected rally to $110,000. Will Bitcoin Break Out of Consolidation? After all the rapid ascents and descents in earlier months, Bitcoin is apparently within a wider price range…

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Filed under: News - @ December 14, 2024 11:31 pm