Here’s Why The Bitcoin Price Continues To Hold Steady Between $96,000 And $98,000

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,875,461,688,797	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,875,461,688,797

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	751.11	0.80%	95,132.22	95,132.22	95,132.23

Price Change

Price Change %

Current Price

Bid Price

Offer

751.11

0.80%

95,132.22

95,132.23

High Price	Low Price	Open Price	Prev. Close	52 Week Range
95,178.57	94,177.00	94,341.67	94,390.51	- - -

High Price

Low Price

Open Price

Prev. Close

52 Week Range

95,178.57

94,177.00

94,341.67

94,390.51

- - -

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	00:52:06	0.000118	95,126.97	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

00:52:06

0.000118

95,126.97

USD

Price x Volume	Volume	Base Symbol	Related Pairs
49,619,802.59	523.84	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

49,619,802.59

523.84

Here’s Why The Bitcoin Price Continues To Hold Steady Between $96,000 And $98,000

20/12/2024 3:30pm

NEWSBTC

The Bitcoin price has dropped below the $100,000 psychological level and is now holding between the $96,000 and $98,000 range. Crypto analyst Ali Martinez provided insights into why Bitcoin could be holding well within this range. Why The Bitcoin Price Is Holding Steady Between $96,000 And $98,000 In an X post, Ali Martinez noted that one of the most important support levels for the Bitcoin price is between $98,830 and $95,830, where 1.09 wallets bought over 1.16 million BTC. This explains why Bitcoin is holding steady between $96,000 and $98,000 as investors who bought between this level continue to provide huge support for the flagship crypto. Related Reading: Dogecoin Trading Volume Rises Over $6.5 Billion As Liquidations Cross $31 Million, What’s Going On? As Martinez suggested, it is important for these holders to continue to hold steady as a wave of sell-offs could send the Bitcoin price tumbling even below $90,000. The flagship crypto dropped below $100,000 following the Federal Reserve Jerome Powell’s recent speech, in which he hinted at a hawkish stance from the US Central Bank. This sparked a massive wave of sell-offs, as a Hawkish Fed paints a bearish picture for risk assets like Bitcoin. However, despite the Bitcoin price drop below, most Bitcoin holders remain in profit, which is a positive for the flagship crypto. IntoTheBlock data shows that 86% of Bitcoin holders are in the money, 4% are out of the money, and 9% are at the money. These Bitcoin holders still seem bullish on the leading crypto as they continue to accumulate more BTC. In an X post, Ali Martinez stated that so far in December, 74,052 BTC have been withdrawn from exchanges, and this trend doesn’t seem to be slowing down. Traders Anticipate A Bullish Reversal Ali Martinez suggested that crypto traders anticipate a bullish reversal for the Bitcoin price from its current level. This came as he revealed that traders on Binance nailed the top, with 62.17% shorting Bitcoin while it was trading at $108,000. Now, Martinez stated that sentiment has flipped, with 55.44% of these trading now longing dips below $96,000. Related Reading: This Analyst Predicted The Dogecoin Price Crash 2 Days Ago, Full Prediction Shows A Further 30% Decline Meanwhile, it is crucial for the Bitcoin price to hold this $96,000, as Martinez warned that if BTC loses this support, it could drop below $90,000. The analyst stated that based on the Fibonacci level, if Bitcoin loses $96,000, the next point of focus becomes $90,000 and $85,000. Meanwhile, from a bullish perspective, crypto analyst Justin Bennett suggested that the $110,000 target is still in focus for the Bitcoin price. At the time of writing, the Bitcoin price is trading at around $97,000, down over 3% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com

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