The Bitcoin price is currently in green trading, hovering around $91k. The bulls rebounded to $92,596 and then reversed. Since October, Bitcoin has surged about $30,000, showing strong growth, especially in the past two weeks. However, in recent days, the price increase has slowed, leaving many wondering if this indicates a slowdown, correction, or sustained growth.
However, in a significant update, MicroStrategy, led by Michael Saylor, has been buying Bitcoin for over four years, and today they added 51,780 BTC, bringing their total holdings to about 331,200 BTC. This is part of their broader strategy to build a Bitcoin treasury, raising $42 billion through equity and fixed income over the next three years, primarily to purchase more Bitcoin. This could actually be a catalyst for BTC prices.
Bitcoin Price Analysis:
Bitcoin has been consolidating for most of the time while recording smaller gains. It seems to be forming a triangular pattern, but it is still unclear. The key point to note is the micro support area. As long as Bitcoin stays above this, we could see another move higher, potentially reaching between $95 and $97. If Bitcoin breaks below this support level, the next key area to watch will be around $85.
Currently, Bitcoin's consolidation is actually beneficial for altcoins, as altcoins tend to perform better when Bitcoin rises or falls. Therefore, while Bitcoin remains in a range-bound movement, altcoins may continue to experience volatility.
In terms of Bitcoin's chart, it is struggling near the trendline resistance, which may be a key factor in why it hasn't moved higher yet. This resistance level could indicate a potential pullback, but Bitcoin may also move higher before pulling back. In the long term, we may see Bitcoin continue to struggle at resistance levels around $95 to $97, but overall, the market is currently in a consolidation phase.
