Bitcoin Price Reversal Amid Ongoing Market Trends and Increased Institutional Interest
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Here’s Why Bitcoin Price $100K Comeback Could Be Sooner Than Expected
The selling pressure in the crypto market is mounting as Bitcoin prices exhibit a sharp decline below $95,000. The pullback initiated by last week’s U.S. Fed’s rate cut decision has triggered a widespread correction. However, major institutions across the globe actively accumulating BTC have positioned the asset for a swift recovery, indicating that the market follows a buy-the-dip sentiment.
According to CoinGecko Data, the BTC’s market capitalization currently stands at $1.89 Trillion, while the 24-hour trading volume is at $63 Billion.
The increasing adoption of Bitcoin and the active accumulation trend by large holders set the asset for a swift bounce back to $100k.
Key Highlights:
* The asset’s market follows a buy-the-dip sentiment.
* The Fibonacci retracement level indicates that $86k and $79 are crucial support levels for Bitcoin holders.
* The coin price above a 200-day exponential moving average and 50% FIB indicate a broader trend in bullishness.
Global Bitcoin Adoption Surges as Major Players Accumulate BTC
The global Bitcoin adoption narrative gained momentum as El Salvador, Japanese firm Metaplanet, MicroStrategy, and Matador Technologies made significant investments in BTC.
Source: www.cryptonewsz.com
