Bitcoin Price Gains 1.5% as Profit-Booking Declines to $277 Million
Bitcoin price is currently on an upward trajectory, gaining 1.5% today and targeting levels above $100,000 after consolidating around $96,000. Over the past week, BTC has fluctuated within a range of $92,000 to $98,000.
As Bitcoin nears the $100,000 mark, it faces selling pressure from long-term holders. However, Glassnode data indicates a significant reduction in profit booking, with daily realized profits sent to exchanges decreasing to $277 million, a 42% decline from the November 16 peak of $481 million. This trend suggests traders are holding their positions, which analysts view as a positive sign for a potential rally.
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Courtesy: Glassnode
Bitcoin experienced volatility due to political turmoil in South Korea, where President Yoon Suk Yeol briefly declared martial law. This led to a sharp price drop on Upbit, with prices falling below $65,000 while remaining near $95,000 on Binance.
Bitcoin Price Rally to Continue as Big Players Buy
Despite the volatility, significant purchases by large players have continued. On December 2, MicroStrategy announced the acquisition of 15,400 Bitcoin for $1.5 billion at $95,976 per BTC. Additionally, MARA Holdings announced an $850 million private offering of convertible notes to fund further Bitcoin acquisitions.
The Bitcoin community is also awaiting the Microsoft shareholders' vote on including Bitcoin on the company's balance sheet. Michael Saylor proposed that this move could add $5 trillion to shareholder wealth by investing the treasury in Bitcoin.
Furthermore, there are rumors regarding the establishment of a strategic Bitcoin reserve by the US government, contrasting former President Trump's commitment to the US dollar's dominance, as noted by TD Cowen analyst Jaret Seiberg.