Bitcoin bulls aim to control $98K to push toward $100K as key levels emerge, defying Microsoft’s rejection of BTC for corporate treasury adoption.
With critical BTC price levels now readily apparent, bulls refuse to let a new downward wick occur.
On December 11, when markets bounced back after a rejection by tech behemoth Microsoft, BTC sought respite near $98,000.
Bitcoin price ignores Microsoft’s rebuff.
The price of Bitcoin BTC reached intraday highs of $97,604 before the Wall Street opening, according to data from Cointelegraph Markets Pro and TradingView.
The previous day, there was new selling pressure on Bitcoin, exacerbated by the announcement that Microsoft had decided against implementing a corporate Bitcoin treasury.
Crypto pundits criticized the decision as being too shortsighted, as Cointelegraph reported. Among them was Michael Saylor, CEO of MicroStrategy, a business analytics company, who presented the idea to the Microsoft board at the beginning of December.
Five years from now, they will comprehend. In part of a post on X, he replied, “Everyone purchases Bitcoin at the price they deserve.”
“BTC doesn’t wait. It simply transfers wealth to those who see.”
In the end, BTC/USD did not remain suppressed for very long; it quickly recovered and was trading up about 1.5% at the time of writing.
Trader Skew summed up his most recent spot market research centered on Binance, the most significant international exchange, by saying, “I think the market is or has found its equilibrium here.”
Buyers and sellers struggled for market dominance when Skew revealed distinct lines of bid and ask liquidity.
“This indicates that the EQ is approximately $97K, which is advantageous because buyers must control prices above $98K to push for $100K, and sellers must control prices below $96K to try to break below demand,” he said.
December 2023: Bitcoin “literally mimicking”
Michaël van de Poppe, a trader, analyst, and businessman, made analogies to the price movement of Bitcoin around the same period last year.
He warned his X followers that in this situation, Bitcoin and other cryptocurrencies would experience another decline before continuing their upward trend into the new year.
According to a devoted X post, “Bitcoin mimics the price action from last December.”
“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.”
Later, on December 11, when the November US Consumer Price Index (CPI) report was released, macro volatility was anticipated.
Skew predicted that the CPI, the first of the week’s three major macrodata releases, will display “sticky” inflationary patterns.
He predicted that “there will be some skepticism about higher prices & costs soon.”
