Synopsis
Bitcoin trades lower at $96,158 amid volatility, with altcoins outperforming. Market signals suggest consolidation while MicroStrategy adds 15,400 BTC, boosting holdings to 402,100 BTC.
Bitcoin, the world’s largest cryptocurrency by market value, traded slightly lower at $96,200 on Tuesday amid market volatility. As of 11:42 am, Bitcoin was down 0.1% at $96,158, after hitting a daily low of $94,482 and a high of $97,430.
Last week, the cryptocurrency experienced significant volatility, dipping to an intraday low of $90,770 on Wednesday.
“Bitcoin remains range bound, holding just above $96,000. It experienced a 2% drop yesterday after reports of the US government transferring $2 billion worth of BTC to Coinbase, which created implied selling pressure,” said Vikram Subburaj, CEO of Giottus.
Crypto Tracker
TOP COIN SETSCrypto Blue Chip – 59.90% BuyNFT & Metaverse Tracker6.94% BuyDeFi Tracker6.54% BuyWeb3 Tracker4.09% BuySmart Contract Tracker2.26% BuyTOP COINS (₹) XRP230 (13.01%)BuySolana19,465 (0.91%)BuyTether85 (-0.03%)BuyBitcoin8,146,450 (-0.16%)BuyEthereum310,257 (-0.4%)Buy”Despite strong performance in Bitcoin spot ETFs in November and continued accumulation by MicroStrategy, Bitcoin faces resistance at $98,000, with $94,600 serving as a key support level,” Subburaj added.
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View Details »Avinash Shekhar, Co-Founder and CEO of Pi42, noted, “Traders are paying a 17% annualized premium for leveraged BTC positions, signaling strong demand. Bitcoin options are trading at an 8% discount, indicating reduced hedging demand and a bullish outlook. Stability in futures markets is also evident, with funding rates for perpetual contracts remaining at a neutral 1.4%. With no immediate liquidation risk and a balanced leverage environment, these indicators suggest that Bitcoin is consolidating rather than weakening.”
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Meanwhile, other major cryptocurrencies posted notable gains, including XRP (14.5%), Solana (1.1%), BNB (2%), Cardano (15.4%), Avalanche (12.3%), Polkadot (14%), and Chainlink (29%).
“Altcoins are outperforming Bitcoin, with XRP, Cardano, and Avalanche delivering strong double-digit gains. XRP has posted a 87% weekly rally driven by bullish sentiment following WisdomTree’s XRP ETF application,” Subburaj said.
“Bitcoin dominance has slipped below 56%, reflecting a shift in market momentum. As Bitcoin stabilizes above $95,000, altcoins are likely to continue their strong performance against the leading cryptocurrency this week,” he added.
In other news, MicroStrategy purchased 15,400 BTC last week at $95,976, bringing its total holdings to 402,100 BTC, now valued at $38.4 billion—an increase of 64%.
Also Read: US Bitcoin, Ether ETFs log record inflows on Trump’s crypto embrace
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times)
