Explore why the second Bitcoin price attempt to overcome $100K is bullish and how high BTC can go this time to set up a new ATH?
Highlights
Bitcoin price shows signs of recovery after a flash crash on December 5.
Data shows that a successful reclaim of $100K could send Bitcoin higher this time.
Investors can expect BTC to set up a new ATH at $111,850, based on technical analysis.
Although there was a lot of enthusiasm when Bitcoin’s cleared $100K for the first time, it was brief. The December 5 crash knocked BTC to $90K and tirggered more than a billion US dollars worth of liquidation. But this one indicator showcases that the second attempt to overcome $100K will be massively bullish. Regardless, Bitcoin price today hovers around $100,171.0 on 11 PM after hitting a daily high of $100,537.0 today after a 0.24% move on December
Bitcoin Price Slides Below $100K, What’s Next?
Bitcoin price crashed 13.53% between December 4 and 5, wiping out an excess of $1.5 billion worth of positions in just 19 hours. On December 5 alone, more than $1 billion worth of longs and short positions got wiped from the cryptocurrency market.
But why did Bitcoin suddenly dip below the historic $100,000 level, and will it recover? Let’s discover!
Meitu, dubbed as the chinese MicroStrategy, sold its crypto holdings, which led to the sudden drop in Bitcoin price on December 4. The Chinese selfie application operator sold 940 BTC and 31,000 ETH, realizing nearly $80 million in profits, the company’s Wednesday statement noted.