Bitcoin recently suffered a minor retracement from its all-time high of $99,800, dropping to a low of $90,700. Despite this pullback, price action remains bullish as BTC shows resilience and recovers from the dip. Market momentum remains strong, with key players continuing to demonstrate confidence in the asset’s long-term potential.
A notable move came from MARA Holdings, Inc. (MARA), a leading BTC mining company, which acquired 6,474 BTC worth $615 million. This strategic move by MARA highlights the continued institutional demand for BTC, indicating continued confidence in its future growth. The continued buying among institutions indicates that the market is positioned for further bullish trends despite short-term fluctuations.
As Bitcoin recovers from its recent lowAll eyes are on whether it will break the $100,000 mark soon. With major players like MARA leading the way, the outlook for BTC remains strong as it consolidates and prepares for its next upward move.
Bitcoin miners expect an explosive cycle
Bitcoin miners are currently making healthy profits but not actively selling, indicating that BTC will continue its bullish trajectory in the coming weeks. This strategy of holding rather than selling reflects broader market sentiment that the price of BTC will continue to rise despite minor pullbacks.
A clear example of this trend comes from MARA Holdings, Inc. (MARA), a major BTC mining company. MARA recently acquired 6,474 BTC worth approximately $615 million after a $1 billion raisebringing the total BTC holdings to 34,794 BTC, worth approximately $3.3 billion. The average purchase price of these newly acquired coins is $95,395, a strategic move that signals long-term confidence in Bitcoin’s price potential.
Following the acquisition, MARA shares rose 7.81% in just 24 hours, reflecting the growing confidence among Bitcoin miners and crypto investors and the increasing interest of traditional investors in this company.
The fact that MARA is replenishing its BTC reserves at these levels, rather than selling, points to the expectation that further price increases for BTC will occur soon. This move also underlines the continued institutional interest in BTC, indicating that the broader market remains optimistic about Bitcoin’s future despite near-term volatility. As BTC continues to gain momentum, strong commitment from miners like MARA could play a crucial role in taking the asset to new heights.
BTC is about to break above $100,000
Bitcoin is trading at $95,000 after failing to break above $100,000 last weekend, followed by a return to $90,700 in recent days. Despite this pullback, there remains a strong possibility that BTC could retest its all-time high (ATH) in the coming days and push it to even higher levels, provided the price remains above the crucial $96,000 support level.
Staying above this key threshold could signal a possible resumption of the bullish trend towards the ATH of $99,800 and above.
However, if the price fails to hold above $95,000 and experiences a further decline, it could trigger a move towards lower demand levels, with support zones around $90,000 and $85,500. A sustained decline below these levels could result in deeper consolidation before a potential recovery.
The coming days will determine whether Bitcoin can maintain its momentum or whether the market will undergo further corrections. Investors will be watching closely to see if BTC can stabilize and regain its previous bullish trajectory or experience more downward pressure.
Featured image of Dall-E, chart from TradingView