Bitcoin recently saw a small bounce from its all-time high of $99,800 and fell to the low of $90,700. Despite this pullback, price action remains bullish as BTC shows resilience and recovers from the decline. Market momentum remains strong, with major players continuing to show confidence in the asset’s long-term potential.
One notable move came from MARA Holdings, Inc. (MARA), a prominent Bitcoin mining company, which acquired 6,474 BTC worth $615 million. This strategic move by MARA highlights the continued institutional demand for BTC, indicating continued confidence in its future growth. Continued institutional buying indicates that the market is positioned for further upside despite short-term volatility.
As Bitcoin recovers from its recent lows, all eyes are on whether it will break the $100,000 mark soon. With key players like MARA leading the way, BTC’s outlook remains strong as it consolidates and prepares for its next upward move.
Bitcoin miners expect an explosive cycle
Bitcoin miners are currently making good profits but are not actively selling, indicating a strong belief that Bitcoin will continue its upward trajectory in the coming weeks. The strategy of holding rather than selling reflects the broader market sentiment that the price of BTC will continue to rise, despite minor pullbacks.
One clear example of this trend comes from MARA Holdings, Inc. (MARA), one of the major Bitcoin mining companies. MARA recently acquired 6,474 Bitcoin worth approximately $615 million after completing a $1 billion raising.Bringing its total bitcoin holdings to 34,794 bitcoins, worth about $3.3 billion. The average purchase price of these newly acquired coins is $95,395, a strategic move that signals long-term confidence in Bitcoin’s price potential.
Following the acquisition, MARA stock rose 7.81% in just 24 hours, reflecting growing confidence among Bitcoin miners and cryptocurrency investors and increased interest from traditional investors in this company.
The fact that MARA is adding to BTC reserves at these levels, rather than selling, suggests that further BTC price increases should be expected soon. The move also underscores continued institutional appetite for Bitcoin, suggesting that the broader market remains optimistic about Bitcoin’s future despite short-term volatility. As BTC continues to gain strength, strong commitment from miners like MARA could play a crucial role in pushing the asset to new heights.
BTC is about to cross $100,000
Bitcoin is trading at $95,000 after failing to cross the $100,000 level over the weekend, followed by a decline to $90,700 in the past few days. Despite this pullback, there is still a strong possibility that BTC can retest its all-time high (ATH) and push to higher levels in the coming days, provided the price remains above the crucial support level of $96,000.
Staying above this key threshold could indicate a potential resumption of the uptrend, and a move towards the ATH at $99,800 and beyond.
However, if the price fails to hold above the $95,000 mark and sees further decline, it could trigger a move towards lower demand levels, with support areas around $90,000 and $85,500. A continued decline below these levels could lead to deeper consolidation before a potential recovery.
The next few days will determine whether Bitcoin is able to maintain its momentum or whether the market will see further corrections. Investors will be watching closely to see if BTC can stabilize and regain its previous upward trajectory or face further downward pressure.
Featured image by Dall-E, chart from TradingView
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