Bitcoin (BTC), which is a cryptocurrency, fell yesterday to $94,500 after Microsoft shareholders rejected the proposal of a Bitcoin Treasury to purchase BTC to hedge against inflation with 1% from Microsoft’s assets. Analysts are confident that the BTC will continue to appreciate.
Bitcoin Could Surge as High as $275,000
The following is a list of data from Coinglass, over $478 million worth of contracts – primarily long positions – were liquidated in the past 24 hours following the plunge in BTC and other cryptocurrencies. Liquidation volumes for altcoins were significantly higher than those of Bitcoin.
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Analysts see the price drop as an investment opportunity. Ali Martinez, a seasoned crypto analyst took to X. highlight A long cup-and-handle pattern is forming on Bitcoin’s weekly chart.
If you are not familiar with the pattern, it is a bullish and technical formation that looks like a round cup. “cup” After a quick consolidation or “handle.” This is a sign that the trend will continue, and often leads to price gains.
Martinez pointed out that a pattern in Bitcoin’s technical structure suggests that it may surge to as high as 275,000 dollars. He urged investors to use caution, and avoid taking on too much leverage.
In contrast, the prominent crypto analyst @Trader_XO warned Bitcoin’s support level of $90,000.000 must be maintained to prevent any further fall. If BTC falls below this crucial level, BTC could fall as low as $85,000. If BTC is able to hold above $90,000.000, it will be able to continue its trend.
BTC Attempts to break through $100,000
Bitcoin is trading close to $100,000 as of the writing. This flagship cryptocurrency is still in a general uptrend. Today’s US Inflation may have helped. data The market’s expectations for November were mostly met.
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Bitcoin has recently reached a new high of $103,679 according to data CoinGecko. Its price fluctuated between $100 and $200, which led to the liquidation of over $1 billion dollars in the previous week.
Several factors can drive Bitcoin price up to a record high. BTC reserve on crypto exchanges has decreased. hit The digital asset is at a multi-year high, despite the rising demand.
Anthony Scaramucci, a former American investment banker and financier, recently predicted China may establish its Bitcoin Reserve if US proceeds The strategic Bitcoin Reserve Plan. National BTC Reserves are expected reinforce Bitcoin’s story of scarcity, possibly driving the price higher.
Rumble, a Canadian video sharing firm, continues to see BTC adoption rise among companies. became The latest to announce a BTC Treasury strategy is the company. BTC is trading at $10,453 during press time. That’s an increase of 4,1% within the last 24 hour.
Charts and images from TradingView.com, X.com.
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Source: www.newsbtc.com
