Bitcoin bulls refuse to allow a fresh downside wick, with key BTC price levels now clearly visible.
Bitcoin sought relief near $98,000 on Dec. 11 as markets recovered from a rejection by tech giant Microsoft.
BTC price shrugs off Microsoft snub
TradingView showed Bitcoin BTC$97,604 price intraday highs preceding the Wall Street open.
Bitcoin had faced fresh selling pressure the day prior, compounded by news that Microsoft had declined to adopt a form of corporate BTC treasury.
crypto commentators derided the decision as short-sighted. They included Michael Saylor, CEO of business intelligence firm MicroStrategy, who pitched the concept to the Microsoft board at the start of December.
“In 5 years, they’ll understand. Everyone buys Bitcoin at the price they deserve,” he responded in part of a post on X.
“BTC doesn’t wait. It simply transfers wealth to those who see.”
BTC/USD ultimately did not stay suppressed for long, regaining upward momentum to trade up around 1.5% at the time of writing.
“I think the market is or has found its equilibrium here,” trader Skew summarized in his latest spot market analysis, focused on the largest global exchange, Binance.
Skew identified clear lines of bid and ask liquidity, leading to a tug-of-war for market control between buyers and sellers.
“So this means the EQ is around $97K which is constructive in terms that – buyers need to reign control above $98K to push $100K & supply – sellers need to reign control below $96K to attempt to break below demand,” he wrote.
Bitcoin “literally mimicking” December 2023
Trader, analyst and entrepreneur Michaël van de Poppe drew comparisons to BTC price action from the same time a year ago.
Under this scenario, he told his X followers that both Bitcoin and altcoins could see another dip before upward continuation into the new year.
“Bitcoin is literally mimicking the price action from last December,” a dedicated X post read.
“I’m not sure whether we’ll get such a deep correction, but I do know that it’s time for Altcoins to shine again.”
Macro volatility was expected later on Dec. 11 with the release of the November US Consumer Price Index (CPI) print.
The first of three key macro data releases for the week, CPI was anticipated by Skew to show “sticky” inflationary trends.
“At some point soon there will be some spook around higher prices & costs,” he forecast.
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