Analysis: Bitcoin may take time to stabilize above $100,000
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Odaily Planet Daily Report: On Tuesday, Bitcoin briefly fell below $95,000, and the small-cap digital asset index fell more than 10%, marking one of the largest declines of the year. On December 5, Bitcoin price hit a record high of $103,800, but has since struggled to maintain above the six-figure level. According to CoinGecko data, the entire cryptocurrency market has shrunk by about $250 billion in the past 24 hours. ByteTree Asset Management Chief Investment Officer Charlie Morris wrote in a report, "Big round numbers are real and often take time to overcome. The $100,000 level is a number we should get used to, but unless the flow of funds can start to surge from here, we will spend time at this level." Fairlead Strategies LLC technical analyst Katie Stockton suggested in a report that after Bitcoin failed to hold above $100,000, a "neutral short-term bias" should be adopted.
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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