The king crypto is currently trading at $98,241.56, a 0.45% increase in the last 24 hours. The crypto market leader has experienced volatile and at the same time bearish price movements recently, with it hitting a $104K ATH on December 5 before trading below $100K thereafter.
The asset is now testing a $98K resistance level. closely watch whether it will reclaim its recent highs or face retracements to lower support zones.
This article examines Bitcoin’s technical outlook, key developments in the crypto space, and the potential impact of mining advancements and geopolitical strategies on BTC’s price.
BTC faces a critical resistance at around $98K. A successful breakout and close above this level could make it retest of the psychological $100K mark and a potential challenge to the all-time high) of $104,000.
However, rejection at the current price could play a pullback to the $92K support zone. The 4 hour RSI is currently reading at 51, indicating a neutral market outlook. This as well suggests that the price momentum could trade either way. This will depend on market activity and investor sentiment.
Bitcoin mining giant MARA has strengthened its position as one of the largest public holders of BTC, amassing 40,435 Bitcoin valued at approximately $3.9 billion. This was done through strategic acquisitions of 11,774 BTC at an average price of $96K per each Bitcoin.
MARA boasts of its mining capabilities to which it has recently added 50EH/s, the highest figure recorded in public Bitcoin miners. This compares to 36.9 EH/s, which really speaks volumes to MARA’s capacity upgrading and optimization attempts.
CEO Fred Thiel has emphasized Bitcoin’s value as a reserve asset, aligning the company’s strategy with that of MicroStrategy, which holds 423,650 BTC. Despite reporting a net loss of $124.8 million for Q3, MARA’s long-term approach, including a “HODL” policy, reinforces its confidence in Bitcoin’s future appreciation.
Though the idea of Bitcoin gaining some kind of reserve currency status, there are recent indications out there such as; Russian State Duma Deputy Anton Tkachev who has suggested plannings for setting up a strategic Bitcoin reserve. This idea let intended to reduce reliance on fiat reserves simultaneously also to unleash the prospects of Bitcoin as an appreciating asset.
TKachev drew attention to the fact that Bitcoin continues to operate actively in the environment of sanctions and interventions of the regulatory authorities in the letter to the Ministry of Finance. He used the example of cryptocurrency pointing to the fact that this type of investment has been increasing gradually, from $ 10, 000 in 2020 to over $ 100,000 in 2024.
Russian President Vladimir Putin has also recognised Bitcoin for its strength when he said ‘Who can ban it? Nobody.” Should this proposition be approved, it could well be the first time a country is introducing Bitcoin as a reserve asset.
Further direction of BTC’s movement in the short term will depend on the break above $98,000. A steady climb could garner forward momentum for a price rise to $100K and beyond. However, if the price reverts at this level, then rejection could have Bitcoin trading around the $92K zone.
Market participants are also observing macro factors such as institutional embrace, geo politics and competition enhancement within the Bitcoin mining industry. The supply of Bitcoin could become more conducive to growth in the price since banks like MARA and other stakeholders in the industry, embark on the expansion of operations.