bitcoin recently experienced a small pullback from its all-time high of $99,800, falling to a low of $90,700. Despite this pullback, price action remains bullish as btc shows resistance and recovers from the drop. Market momentum remains strong and key players continue to show confidence in the long-term potential of the asset.
One notable move came from MARA Holdings, Inc. (MARA), a prominent btc mining company, which acquired 6,474 btc worth $615 million. This strategic move by MARA highlights the current institutional demand for btc, indicating continued confidence in its future growth. Continued buying by institutions suggests the market is positioned for further bullish trends despite short-term fluctuations.
As bitcoin recovers from its recent low, all eyes are on whether it will surpass the $100,000 mark soon. With major players like MARA leading the way, the outlook for btc remains strong as it consolidates and prepares for its next upward move.
bitcoin Miners Expect Explosive Cycle
bitcoin miners are currently making healthy profits but are not actively selling, suggesting a strong belief that btc will continue its bullish trajectory in the coming weeks. This strategy of holding rather than selling reflects the broader market sentiment that the price of btc will continue to rise, despite small pullbacks.
A clear example of this trend comes from MARA Holdings, Inc. (MARA), a major btc mining company. <a target="_blank" href="https://x.com/AxelAdlerJr/status/1862046410167775688″ target=”_blank” rel=”noopener nofollow”>MARA recently acquired 6,474 btc worth approximately $615 million after completing a $1 billion raisebringing its total btc holdings to 34,794 btc, valued at around $3.3 billion. The average purchase price of these newly acquired coins is $95,395, a strategic move that indicates long-term confidence in bitcoin's price potential.
Following the acquisition, MARA shares rose 7.81% in just 24 hours, reflecting the growing trust among bitcoin miners and crypto investors and the growing interest of traditional investors in this company.
The fact that MARA is increasing its btc reserves to these levels, rather than selling them, points to the expectation of further price increases for btc soon. This move also underscores the continued institutional appetite for btc, indicating that the broader market remains optimistic about bitcoin's future despite near-term volatility. As btc continues to gain ground, strong commitment from miners like MARA could play a crucial role in taking the asset to new heights.
btc about to surpass $100,000
bitcoin is trading at $95,000 after failing to break the $100,000 mark over the weekend, followed by a pullback to $90,700 in recent days. Despite this pullback, there remains a strong possibility that btc could retest its all-time high (ATH) and reach even higher levels in the coming days, as long as the price remains above the crucial $ support level. 96,000.
Holding above this key threshold would indicate a possible resumption of the uptrend, moving towards the $99,800 ATH and beyond.
However, if the price fails to stay above the $95,000 mark and experiences a fresh decline, it could trigger a move towards lower demand levels, with support zones around $90,000 and $85,500. A sustained decline below these levels could lead to deeper consolidation before a possible recovery.
The next few days will determine whether bitcoin can maintain its momentum or if the market will experience further corrections. Investors will be watching closely to see if btc can stabilize and regain its previous bullish trajectory or face more downward pressure.
Featured image of Dall-E, TradingView chart
