Reserve

Bitcoin

Bitcoin Speed

After hitting $43,000 last week, Bitcoin traded just below it over the weekend. But the price of the cryptocurrency dropped significantly on Tuesday, reaching $41,800. Following Bitcoin’s December surge, investors chose to take profits, which led to this fall. There was a significant decline the night before, with Bitcoin momentarily<a href="https://www.coingecko.com/" target="_blank" rel="noopener nofollow"> falling as low as $40,300.</a> 
Due to the decline, the top cryptocurrency in the world had almost a week’s worth of gains erased in only 20 minutes on Sunday night. According to statistics from TradingView, Bitcoin saw a dramatic <a href="https://www.tradingview.com/symbols/BTCUSD/" target="_blank" rel="noopener nofollow">7% decline</a> at approximately 9:00 p.m. Eastern Time, falling from above $43,200 to as low as $40,290. 
<h2 id="strong-bitcoin-liquidations-and-stock-fluctuations-strong">Bitcoin Liquidations And Stock Fluctuations</h2> 
Following months of stagnation in a limited trading range, Bitcoin has been steadily rising in recent weeks. The cryptocurrency has seen a notable change in mood and performance after previously experiencing market disinterest. 
Coinglass data indicates a flurry of positions liquidated in the 12 hours starting on Sunday evening, with upwards of $335 million in liquidations across cryptocurrencies, and roughly $300 million of that in long positions. The reason for the abrupt swing down was not immediately evident. In just Bitcoin alone, liquidations totaled over $89 million. 
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-564987" src="https://www.newsbtc.com/wp-content/uploads/2023/12/a-70.png?resize=1024%2C206" alt="" width="1024" height="206" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/a-70.png?resize=1024%2C206?w=1733 1733w, https://www.newsbtc.com/wp-content/uploads/2023/12/a-70.png?resize=1024%2C206?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/a-70.png?resize=1024%2C206?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/a-70.png?resize=1024%2C206?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/a-70.png?resize=1024%2C206?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/a-70.png?resize=1024%2C206?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/a-70.png?resize=1024%2C206?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
Stocks have fluctuated this week as investors prepare for a busy event schedule. Expectedly high volatility this week—the Federal Reserve’s most recent monetary policy decision is due on Wednesday, and important November inflation data is coming on Tuesday—is the cause of this anxiety. 
Related Reading: <a href="https://www.newsbtc.com/news/hold-your-horses-bitcoin-could-fall-back-to-under-38000-these-analysts-say/" target="_blank" rel="noopener ">Hold Your Horses: Bitcoin Could Fall Back To Under $38,000, These Analysts Say</a> 
When assessing the present rise in bitcoin, chart analysts all agree that a more significant dip in the cryptocurrency would be necessary before they would reevaluate how strong the rally is. 
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-564988" src="https://www.newsbtc.com/wp-content/uploads/2023/12/a-71.png?resize=956%2C284" alt="" width="956" height="284" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/a-71.png?resize=956%2C284?w=956 956w, https://www.newsbtc.com/wp-content/uploads/2023/12/a-71.png?resize=956%2C284?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/a-71.png?resize=956%2C284?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/a-71.png?resize=956%2C284?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/a-71.png?resize=956%2C284?w=750 750w" sizes="(max-width: 956px) 100vw, 956px" data-recalc-dims="1"> 
Rob Ginsberg from Wolfe Research agrees, pointing out that there is a lot of momentum in the continuing rising trend. According to the consensus of industry professionals, there is a general belief in the durability and longevity of Bitcoin’s upward trajectory. 
<h2 id="strong-still-a-bright-road-ahead-strong">Still A Bright Road Ahead</h2> 
A number of favorable catalysts for the cryptocurrency is seen in the upcoming year, with the first being the possibility of a <a href="https://www.reuters.com/technology/us-bitcoin-etf-issuer-talks-with-sec-have-advanced-key-details-sources-2023-12-07/" target="_blank" rel="noopener nofollow">bitcoin exchange-traded fund</a> (ETF). Investors anticipate a price spike in the months that follow the anticipated halving of Bitcoin in the spring of 2024. 
<img loading="lazy" decoding="async" class="aligncenter size-full" src="https://www.tradingview.com/x/qLQPtk9d/" width="2475" height="1179"> 
Although some investors are excited by the prospect of an ETF, the market as a whole is feeling positive and anticipating significant changes to the cryptocurrency environment. 
The price of Bitcoin has risen by about 150% since the start of the year, despite the hiccup. The main driver of the surge has been expectations that large financial institutions will soon be able to purchase significant exposure to Bitcoin through exchange-traded funds (ETFs). 
The market’s common expectation that the US Federal Reserve would start cutting interest rates in the middle of 2024 has added to the support for Bitcoin’s price climb. 
Featured image from Adobe Stock

Bitcoin Speed Bump: A Week’s Surge Crumbles In Just 20 Minutes

Table of Contents

NewsBTC

Other articles published on Dec 12, 2023

Bitcoin (BTC) Price Could Reach $100K With ETF Approval in Jan-2024: Predicts SkyBridge Founder

Will Wang: The Four Valuation Drivers of Cryptocurrency Projects

Shiba Inu: Google Bard Forecasts SHIB's Fate Post Bitcoin Halving

Shiba Inu: Shibarium Hits 90 Million Total Transactions in Big Milestone

Bitcoin Price Trading at Critical Levels: Which Levels Should Be Closely Monitored?

Breaking Through: A Novel Crypto Asset Takes on BNB and BLUR in Market Dominance

Join our free newsletter for daily crypto updates!