Bitcoin's price has significantly fluctuated in recent days, reaching $100,000 and sparking optimism among market participants.
Bitcoin Price Changes
In the past few days, Bitcoin's price has risen considerably, nearing the $100,000 mark. However, at this level, the rally was halted, and the price dropped to $98,000 due to an increase in investors realizing profits.
What Needs to Change
The company Santiment argues that Bitcoin's price often moves contrary to the majority's expectations. Recent developments have strengthened this theory, as despite the optimistic sentiment, BTC pulled back from $100,000 to $98,000.
Profit-Taking
During the correction when Bitcoin's price fell from $108,000 to $92,000, many investors started disposing of large amounts. On December 23 alone, more than $7 billion in Bitcoin profits were realized. Technical analyst Ali Martinez highlighted $97,300 as a crucial support level, as about 1.5 million BTC were purchased there. Panic selling may occur if prices dip below this level.
Short-term price fluctuations of Bitcoin are driven by investor actions and market expectations. A shift in public sentiment is necessary for further growth.
