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bitcoin has been consolidating below the $100,000 level for twelve consecutive days, marking a pause in its recent historic rally. The aggressive rise since November 5 appears to be cooling, and market attention is gradually shifting towards altcoins. Despite the slowdown, bitcoin remains a cornerstone of market strength, holding firmly above the critical $90,000 support level.
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Key data from CryptoQuant highlights two significant outflows exceeding 8,000 btc each from Coinbase in the last 24 hours, indicating sustained institutional interest and potential accumulation. These outflows suggest that major players remain optimistic about bitcoin's long-term trajectory, even as the short-term price action stabilizes.
While bitcoin maintains its consolidation phase, the overall crypto market is poised for dynamic changes. Analysts are closely watching whether this period of stabilization will pave the way for btc's next leg up or signal an opportunity for altcoins to take center stage. The next few days will be crucial in determining whether bitcoin regains momentum or continues its current range-bound movement.
bitcoin leads a heated market
bitcoin continues to lead the cryptocurrency market with notable gains, even as it stops just below the highly anticipated $100,000 level. The current pause in its rally has triggered a liquidity shift, gradually injecting capital into the altcoin market. However, analysts and investors anticipate that bitcoin may slow down in the near term after its recent aggressive rise, providing an opportunity for other cryptocurrencies to shine.
<a target="_blank" href="https://x.com/cryptoquant_com/status/1864066882979983530″ target=”_blank” rel=”nofollow”>CryptoQuant Metrics Highlight Notable Activity on Coinbasewhere in the last 24 hours two massive outflows were recorded, exceeding 8,000 btc each. A total of 19,487 btc were withdrawn in these transactions, valued at an average price of $96,043, representing approximately $1.87 billion. Such significant moves indicate the involvement of institutional players or whales that may be positioning themselves for bitcoin's next big move.
Historically, market declines have followed similar outflows, as large transactions often indicate profit taking or redistribution of holdings. However, these transactions could also suggest growing confidence among mainstream investors in bitcoin's long-term potential.
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If btc maintains its position above $90,000 and demand continues to increase, the market may see further momentum towards six-figure territory in the coming weeks.
Price levels to take into account
bitcoin is trading at $96,700, continuing a range-bound move between $93,500 and $98,700 without establishing a clear direction. This consolidation follows a period of aggressive rallies, with btc approaching but not yet surpassing its all-time high.
Market participants are closely watching the $90,000 mark, which has proven to be a critical support level. Staying above this level has been essential in signaling market strength and sustaining bullish momentum.
If bitcoin maintains its position above the $95,000 mark over the next few days, the probability of a breakout to new all-time highs becomes significantly higher. A stable consolidation above this level would prompt buyers to push btc beyond the psychological barrier of $100,000.
On the contrary, losing the $95,000 support would raise concerns, which could lead to a test of the $90,000 level again. If this key level fails, bitcoin could see a deeper correction with lower support zones.
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bitcoin's ability to stay above $95,000 will be crucial in determining its next move. The bulls are waiting for another bullish push, while the bears are looking for signs of exhaustion to capitalize on.
Featured image of Dall-E, TradingView chart
