Bitcoin's recent dip below $93,600 marks a consolidation phase following November's impressive 37% gain. This pullback is viewed as a healthy step, allowing the market to establish a solid foundation before attempting to surpass the significant $100,000 threshold.
Several bullish developments support this outlook. MicroStrategy expanded its Bitcoin holdings by purchasing 15,400 BTC at an average price of $95,976, totaling $1.5 billion. Additionally, Marathon, a publicly listed Bitcoin miner, announced an $800 million proposed private offering of convertible notes to fund further Bitcoin acquisitions.
Investor interest remains strong, shown by large inflows into spot Bitcoin ETFs. From Nov. 21-25, these ETFs saw $3.38B in inflows, with December starting strong with three consecutive days of $100M+ inflows.
This consolidation, fueled by institutional investment and strong demand, hints at Bitcoin gearing up to break $100,000. Show Less
