The cryptocurrency market is experiencing selling pressure as Bitcoin prices drop below $95,000 due to the US Federal Reserve's rate cut decision. However, major institutions globally are actively accumulating Bitcoin, positioning the asset for a quick recovery and indicating a buy-the-dip sentiment. Bitcoin's market cap is currently at $1.89 trillion, with a 24-hour trading volume of $63 billion. Notably, El Salvador, Metaplanet, MicroStrategy, and Matador Technologies have made significant investments in Bitcoin, strengthening its adoption narrative. El Salvador purchased 29 BTC, Metaplanet acquired 619.7 BTC, MicroStrategy bought 5,262 BTC, and Matador Technologies allocated $4.5 million into Bitcoin. The accumulation by these major players enhances Bitcoin's legitimacy and credibility as a long-term store of value. While the recent correction caused a bearish breakdown, support levels suggest that Bitcoin could regain bullish momentum and potentially rally past $100,000.
- Content Editor ( cryptonewsz.com )
- 2024-12-23
Here’s Why Bitcoin Price $100K Comeback Could Be Sooner Than Expected