Bitcoin Price Plunges as Traders Switch to This Crypto Wallet

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bitcoin price has fallen 1% in the last 24 hours to trade at $92,525 at 2:45 am EST with a 61% increase in trading volume to $56 billion.

The recent drop in bitcoin price comes as Tether completes its largest bitcoin purchase since March, acquiring almost $780 million in btc in two transactions. This move comes despite bitcoin falling from its mid-December all-time high of $108,000 to around $92,500.

Tether's total bitcoin holdings now stand at approximately $7.75 billion, which is in line with its commitment to allocate up to 15% of its net operating profits to bitcoin acquisitions.

This demonstrates sustained corporate interest in bitcoin, even during short-term price declines, with companies like KULR technology and Quantum BioPharma also adopting bitcoin to diversify their reserves and attract investors.

However, MicroStrategy remains the largest corporate holder of bitcoin, far ahead of Tether, with a total of 446,400 btc compared to Tether's reserve of 83,759 btc.

bitcoin Price Set to Recover from Strong Support

btc/USDT daily price action shows significant recovery after a prolonged consolidation phase. Between June and August 2024, bitcoin traded within a falling wedge pattern, a typically bullish formation, with the price bottoming near $55,967, a critical support zone.

The breakdown of this gap in late August marked a change in trend, triggering a strong rally. This breakout not only negated the bearish momentum but also provided a foundation for bitcoin's rise to higher levels.

BTCUSDT Analysis Source: Tradingview

In early September, a golden cross occurred, a bullish signal where the 50-day SMA crosses above the 200-day SMA. This was a key catalyst for the rise in bitcoin prices, indicating a strengthening of bullish sentiment among traders. In October, bitcoin established a support level near $71,522, which became a key foundation for its continued rally.

As the price advanced further, another support zone was established at $92,728, which coincides with the current consolidation phase. Despite minor corrections, bitcoin remains above both the 50-day SMA ($96,449) and 200-day SMA ($71,522), affirming the long-term uptrend.

The chart also suggests the possibility of a bullish reversal from the current support zone near $92,728. If this support holds, bitcoin could target levels above $130,000 in the coming months, as highlighted by the upward trajectory.

The Relative Strength Index (RSI) is currently at 41.53, indicating that bitcoin is approaching oversold conditions. This suggests that there is room for buyers to step in and drive up the price.

However, if bitcoin fails to hold the support at $92,728, it could pull back towards the next major support at $71,522, which lines up with the 200-day SMA.

Best Wallet pre-sale exceeds $6.1 million

As the price of bitcoin prepares for its next surge, excitement is growing around the pre-sale of Best Wallet (BEST), which has already raised over $6.1 million in pre-sale funding.

An analyst at popular YouTube channel 99Bitcoins, with over 719,000 subscribers, notes that BEST could present incredible opportunities for substantial profits once it officially launches.

With the cryptocurrency market on the rise, many investors are looking for the next big opportunity, and BEST seems poised to deliver.

Best Wallet is more than just a digital wallet – it's an all-in-one gateway to the Web3 ecosystem. It combines a decentralized exchange (DEX), wallet features, and a suite of tools designed to help users manage their digital assets seamlessly.

One of the most attractive features of Best Wallet is the “Upcoming Tokens” section, which allows users to discover promising tokens before they hit the market. One of the notable tokens presented is the Meme Index (MEMEX), which has already raised more than $1.25 million in its pre-sale.

Meme index is available in upcoming tokens! <a target="_blank" href="https://twitter.com/memecoin_index?ref_src=twsrc%5Etfw”>@memecoin_index introduces the first diversified meme coin platform, powered by <a target="_blank" href="https://twitter.com/search?q=%24MEMEX&src=ctag&ref_src=twsrc%5Etfw”>$MEMEXproviding unparalleled access to the $120 billion meme coin market.

Meme Index offers exclusive access to indices that adapt to all risks… pic.twitter.com/GsiBBuZOzX

– Best Wallet (@BestWalletHQ) <a target="_blank" href="https://twitter.com/BestWalletHQ/status/1872656212686160070?ref_src=twsrc%5Etfw”>December 27, 2024

There are also other success stories like Catslap (SLAP), a meme coin that generated returns of over 3000% for those who took advantage of the “Upcoming Tokens” recommendation.

The latest success is crypto All-Stars (STARS), a meme coin staking protocol. Following its pre-sale price of $0.00138, the token's value skyrocketed to $0.02043 on exchanges, providing a whopping 1,300% return.

Investors can also stake their BEST tokens as the platform offers a remarkable 347% annual return, making it a very attractive option for long-term investors.

Right now, you can get BEST tokens for just 0.023325, but with a price increase scheduled in less than two days, now is the time to take advantage of this great opportunity.

Buy BETTER here.

Best wallet – manage your cryptocurrencies