Bit (BTC) faces the risk of a new Dip after the Wall Street market opened on December 10 when the recent recovery became shaky.
1-hour chart of BTC/USD. Source: BitcoinNews/TradingView
Bit Analysis: The market "is not very confident"
Data from BitcoinNews and TradingView shows that the Bit price has returned below 96,000 USD.
After bouncing up to the 98,000 USD level, speculators have run out of momentum as the BTC/USD price has suffered a loss of nearly 2% per day.
"It seems that the Long positions are moving away / taking profits," famous trader Skew commented at the high level of the day.
"This further confirms that 97.7K - 98K is the Buy level that needs to be reclaimed. Typically, this means the current market is not very confident in the price until more strength is shown."
Bit market data. Source: Skew/X
The Crypto technical analysis YouTube channel More Crypto Online warns that there may be another local Dip after the previous trip to 94,000 USD.
"Another Dip is still possible. After this Dip, the potential White wave d could lead to another test above 100,000 USD," the part in their recent X post presented.
1-hour chart of BTC/USD. Source: More Crypto Online/X
Despite the short-term weakness, the trading resource Material Indicators reveals the buying interest from small-volume entities during the day.
"FireCharts shows that the two smallest order book layers are being dominated by TWAP bots that have bought over 100 million USD worth of BTC on @binance in the past 10 hours," they confirmed along with a screenshot of the order book on Binance, referring to one of their proprietary trading tools.
"Professional advice: That's not retail."
BTC/USDT order book Liquidation on Binance. Source: Material Indicators/X
The comments then continue to express confidence in the strength of the Bit price increase wave after two key Liquidation events.
"The party never stops, however, some attendees got too enthusiastic, over-leveraged and got sent home," Material Indicators wrote.
Bit ETFs ignore BTC price volatility
Institutional interest is also not affected by the recent price volatility of BTC.
Data from sources like UK investment firm Farside Investors shows that multi-million USD net inflows continue daily for US-listed Bit exchange-traded funds (ETFs). Just on December 9, it recorded nearly 500 million USD.
Net inflows of US-listed Bit ETFs (screenshot). Source: Farside Investors/X
"Bit has been impacted by 1.5 billion USD in Long position Liquidation, dropping 3,000 points before recovering from the critical 95K support," trading firm QCP Capital wrote in the latest market report for Telegram subscribers.
"It is now consolidating around the 97-98K level, leaving the altcoins behind. However, the Spot Bit and ETH ETFs are on an impressive streak, posting 8 and 11 consecutive days of net inflows, respectively."
This trend marks a change in ETF reactions to price volatility, with previous outflows resulting from short-term Dips.
QCP noted that December 10 will witness a vote by tech giant Microsoft on whether to adopt a corporate Bit strategy, as proposed by MicroStrategy CEO Michael Saylor earlier in the month.
