Rally

Bitcoin

Elon Musk

<ul class="wp-block-list"> 
 <li><strong>Bitcoin struggles amid declining whale activity and institutional demand slowdown.</strong></li> 
 <li><strong>A potential rally to $168K hinges on sentiment and market dynamics.</strong></li> 
</ul> 
<p>Bitcoin (BTC), the world’s largest cryptocurrency, has witnessed a 7% drop in value over the past week, trading at $94,159 at the time of writing. This marks its fourth consecutive day of decline, driven by macroeconomic concerns and reduced interest from institutional investors. Despite hitting a peak of $108,245 earlier this month, Bitcoin now hovers below the critical $100,000 level.&nbsp;&nbsp;</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter">
  <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfbN6n-QvdXNDP_eGnmyID9IlZQNLo132vPfDjEXp_6W2YOwbMkTnjweBQN9Jk1e66hg2x65iqMqOGKqSEOdBuqUs-wHg5BfzEyAU9X9F80ddUD-EI17HdiMkrv8AIQ_a6pBQHoPw?key=NQxn0dzj2Nw0oRHJpoTNxX_v" alt="">
 </figure>
</div> 
<p>Market analysts attribute this drop to a combination of profit-taking and hawkish signals from the <a href="https://thenewscrypto.com/matador-technologies-adds-bitcoin-and-usd-assets-to-its-balance-sheet/" target="_blank" rel="noreferrer noopener nofollow">U.S.</a> Federal Reserve, which recently announced a slower pace of rate cuts than anticipated. The central bank’s decision led to a reassessment of speculative asset investments, impacting Bitcoin and related crypto markets.&nbsp;&nbsp;</p> 
<p>Moreover, whale activity has notably slowed, adding to the bearish sentiment. According to data, net flows among large holders have dropped by 116% over the past week. High-value Bitcoin transactions—ranging from $100,000 to $10 million—have decreased significantly, indicating a lack of buying pressure from key investors.&nbsp;&nbsp;</p> 
<p>However, regional dynamics offer contrasting perspectives. Korean investors have ramped up their Bitcoin purchases, as reflected in a surge to 5.26 in the Korean Premium Index, signaling heightened demand. Meanwhile, U.S. investors show reduced activity, with the <a href="https://thenewscrypto.com/coinbase-secures-nydfs-license-and-expands-globally/" target="_blank" rel="noreferrer noopener nofollow">Coinbase</a> Premium Index remaining in negative territory.&nbsp;&nbsp;</p> 
<h3 class="wp-block-heading" id="h-will-btc-make-christmas-wish-true">Will BTC Make Christmas Wish True?</h3> 
<p>Technical indicators present a mixed outlook. The Relative Strength Index (<a href="https://in.tradingview.com/chart/EJXIwxE9/?symbol=BINANCE%3ABTCUSDT" target="_blank" rel="noreferrer noopener nofollow">RSI</a>) stands at 54, suggesting a neutral market stance. Analysts point to support levels around $95,690, warning that a break below this threshold could push Bitcoin toward $85,721. Conversely, a revival in whale activity or institutional interest could spark a recovery toward previous highs.&nbsp;&nbsp;</p> 
<p>Despite the pullback, some experts remain optimistic. Analyst Ali Charts predicts Bitcoin could <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noreferrer noopener nofollow">rally</a> to $168,000, citing the Mayer Multiple, a metric comparing current prices to the 200-day moving average. Institutions also continue to show long-term interest, with their share of Bitcoin holdings rising from 14% to 31% in the past year.&nbsp;&nbsp;</p>

Is Bitcoin Heading Toward a $168K Rally or an $85K Crash?

Table of Contents

TheNewsCrypto

Other articles published on Dec 24, 2024

Trump-Backed Crypto Project Spends $45M on Crypto Investments: Report

Rumors of a presidential pardon for FTX's Sam Bankman-Fried spark outrage

Ripple (XRP) Achieves a Massive Milestone in December

Bitcoin bull market over? ‘Decembear’ has only sent BTC price 2% lower

Mt. Gox Shakes Bitcoin Markets with $49.3M Movement: What You Need to Know

Bitcoin Could Dip to $82,220 with Binance OI Target at $9.77B Before Recovery, Analyst Predicts

Join our free newsletter for daily crypto updates!