Bitcoin experienced a series of ups and downs in the past 24 hours. Initially, it started to decline from the high of $98,000 at 9 am yesterday morning to the $95,000 level. It then rebounded in the evening at 9 o'clock, temporarily rising above $97,000.
However, just as the upward momentum was finally returning, around 12:30 am, it was reported that the US government had transferred 19,800 Bit, worth $1.92 billion, and 10,000 Bit (about $968 million) of which had been transferred to the Coinbase exchange. Bit thus fell again, breaking below $95,000.
The two-way fluctuations of around 3% have resulted in 215,696 people being liquidated in the cryptocurrency market in the past 24 hours, with a total value of over $600 million.
Although the current trend of Bit is not yet clear, and its market share is also declining, many analysts remain optimistic about Bit's performance in December.
Bitfinex analysts pointed out in a recent report that historically, December is usually a month of greater volatility for Bit, but in a halving year, the average return of this asset is 38.86%. Given the current bullish momentum, analysts believe that Bit is likely to continue to rise.
Analysts stressed that although there may be short-term volatility, the current consolidation phase is a necessary pause to absorb profits and adjust market demand. With the recovery of ETF inflows and the increase in retail interest, Bit still has a good foundation to break through the psychological price level of $100,000.
