Bitcoin

Bitcoin sought relief near $98,000 on Dec. 11 as markets recovered from a rejection by tech giant Microsoft.
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 <img alt="Bitcoin hits level bulls must 'control' for a new $100K BTC price push" src="https://s3.cointelegraph.com/uploads/2024-12/0193b503-23a4-7814-9bd4-c57112ea8cf8" title="">
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 BTC/USD 1-hour chart. Source: Cointelegraph/TradingView
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<h2 id="btc-price-shrugs-off-microsoft-snub">BTC price shrugs off Microsoft snub</h2>
Data from <a data-ct-non-breakable="null" href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="null" target="null" text="null" title="null">Cointelegraph Markets Pro</a> and <a data-ct-non-breakable="null" href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" rel="null" target="null" text="null" title="null">TradingView</a> showed Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) price intraday highs preceding the Wall Street open.
Bitcoin had faced fresh selling pressure the day prior, compounded by news that Microsoft had declined to adopt a form of corporate BTC treasury.
As <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/microsoft-shareholders-vote-no-bitcoin-reserve" rel="null" target="null" text="null" title="null">Cointelegraph reported</a>, crypto commentators derided the decision as short-sighted. They included Michael Saylor, CEO of business intelligence firm MicroStrategy, who pitched the concept to the Microsoft board at the start of December.
“In 5 years, they’ll understand. Everyone buys Bitcoin at the price they deserve,” he <a data-ct-non-breakable="null" href="https://x.com/Saylorsatsire/status/1866537616285241737" rel="null" target="null" text="null" title="null">responded</a> in part of a post on X.&nbsp;
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 “BTC doesn’t wait. It simply transfers wealth to those who see.”
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BTC/USD ultimately did not stay suppressed for long, regaining upward momentum to trade up around 1.5% at the time of writing.
“I think the market is or has found its equilibrium here,” trader Skew summarized in his latest <a data-ct-non-breakable="null" href="https://x.com/52kskew/status/1866724375669641456" rel="null" target="null" text="null" title="null">spot market analysis</a>, focused on the largest global exchange, Binance.
Skew identified clear lines of bid and ask liquidity, leading to a tug-of-war for market control between buyers and sellers.
“So this means the EQ is around $97K which is constructive in terms that - buyers need to reign control above $98K to push $100K &amp; supply - sellers need to reign control below $96K to attempt to break below demand,” he wrote.&nbsp;
<figure>
 <img alt="Bitcoin hits level bulls must 'control' for a new $100K BTC price push" src="https://s3.cointelegraph.com/uploads/2024-12/0193b4fe-de02-709b-8b4d-e027df80e954" title="">
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 BTC/USD 30-minute chart with liquidity data. Source: Skew/X
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<h2 id="bitcoin-literally-mimicking-december-2023">Bitcoin “literally mimicking” December 2023</h2>
Trader, analyst and entrepreneur Michaël van de Poppe drew comparisons to BTC price action from the same time a year ago.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-finds-dip-buyers-after-btc-price-wicks-94k-low" rel="null" target="null" text="null" title="null">Bitcoin finds willing dip-buyers after BTC price wicks to key $94K low</a>
Under this scenario, he told his X followers that both Bitcoin and altcoins could see another dip before upward continuation into the new year.
“Bitcoin is literally mimicking the price action from last December,” a <a data-ct-non-breakable="null" href="https://x.com/CryptoMichNL/status/1866758975703879703" rel="null" target="null" text="null" title="null">dedicated X post</a> read.&nbsp;
<blockquote>
 “I'm not sure whether we'll get such a deep correction, but I do know that it's time for Altcoins to shine again.”
</blockquote>
<figure>
 <img alt="Bitcoin hits level bulls must 'control' for a new $100K BTC price push" src="https://s3.cointelegraph.com/uploads/2024-12/0193b4ff-9c99-7936-9972-0081604e4144" title="">
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 BTC/USDT 1-day chart with RSI data. Source: Michaël van de Poppe/X
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Macro volatility was expected later on Dec. 11 with the release of the November US Consumer Price Index (CPI) print.
The first of <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/btc-price-back-94k-5-things-bitcoin-this-week" rel="" target="_self" text="null" title="https://cointelegraph.com/news/btc-price-back-94k-5-things-bitcoin-this-week">three key macro data releases</a> for the week, CPI was anticipated by Skew to show “sticky” inflationary trends.
“At some point soon there will be some spook around higher prices &amp; costs,” he <a data-ct-non-breakable="null" href="https://x.com/52kskew/status/1866730035350212809" rel="null" target="null" text="null" title="null">forecast</a>.&nbsp;
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin hits level bulls must 'control' for a new $100K BTC price push

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