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Bitcoin Retraces Below USD 100K as Ethereum and Altcoins Gain Investor Interest

December 6, 2024 (Investorideas.com Newswire) Investorideas.com, a go-to platform for big investing ideas releases market commentary from Joseph Dahrieh, Managing Principal at Tickmill.

Bitcoin briefly surpassed USD 100K on Thursday, but the rally was short-lived as the cryptocurrency quickly retraced, testing the support level just above USD 92K as some investors moved to secure their gains. By Friday, Bitcoin was rebounding although it remains below the 100k USD mark. The volatility highlights the fragility of market sentiment in the near term, suggesting a cautious although bullish outlook. The cryptocurrency could trade sideways if profit-taking continues.

Whale investors took profits, while retail traders continued to buy in anticipation of further gains. Bitcoin's market dominance fell slightly in the process to 55% and remains well below the highs of last month. A shift towards altcoins could weigh on Bitcoin in the near term, as investor interest may pivot to other cryptocurrencies showing stronger momentum.

Despite the price drop, institutional interest in Bitcoin remained strong, with BlackRock and MARA Holdings collectively acquiring 9,173 Bitcoin. These investments indicate a bullish medium-term outlook for Bitcoin, as institutional demand may support future price recovery.

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