Bitcoin has taken a dip in the past 24 hours, slipping 3% and causing widespread uncertainty.
After weeks of steady gains and new highs for many coins, the broader market is now cooling off.
Despite this shift, the Best Wallet token ICO is holding strong – passing the $3 million mark yesterday.
Bitcoin Retreats Below $98K as Long-Term Holders Take Profits
Bitcoin’s push to stay above $100,000 has hit another snag, with the coin sliding back to $97,900 in the last day.
This is the sixth time BTC has struggled to hold the six-figure level – despite breaking through it multiple times.
The pullback seems tied to profit-taking by long-term holders, especially those who accumulated Bitcoin between March and October.
On-chain data shows these investors have moved about 179,000 BTC in the past three days.
That trend signals many are cashing out after the recent price surge.
And the market has felt the impact, with $131 million in long positions liquidated over the past 24 hours.
But there’s still room for optimism.
Spot trading volumes for BTC have jumped 77% to $112 billion, showing strong market activity, even amid the downturn.
Paired with patterns seen in previous bull markets, Bitcoin’s price drop might be a temporary pause rather than a deeper correction.
Altcoins Follow Bitcoin Lower as Market Eyes Microsoft’s BTC Vote
The rest of the crypto market seems to be following Bitcoin’s lead.
Most major tokens are in the red today, with XRP taking the hardest hit, dropping 6% in the past 24 hours.
Fellow altcoins Solana and BNB are down 4% and 3%, respectively.
In total, the crypto market cap has slipped nearly 2% since yesterday – a sharp change from last week’s bullishness.
There are a few factors behind this cooldown.
#Bitcoin Bulls Face Tough Resistance
$BTC dropped to $99k after closing at $100k. Analysts warn $110k will be a tough resistance zone.
Last week: New ATH at $104k → 10% drop to $92k, liquidating $1B.
Choppiness Index >60 = sideways action likely before a big… pic.twitter.com/FavUcujY4M— Tomi Point (@tomipoint) December 9, 2024
Microsoft’s upcoming vote on whether to add Bitcoin to its balance sheet is receiving considerable attention, following a pitch from MicroStrategy CEO Michael Saylor.
The decision could have a big impact on market sentiment – especially with rumors that Amazon might be considering a similar move.
On the technical side, some analysts believe this period of choppiness could stick around for a while.
Recent data points to the market entering a consolidation phase.
These two factors, combined with traders’ profit-taking, help explain why Bitcoin and altcoins are having a poor start to the week.
Best Wallet Defies Market Trend as ICO Hits $3M & Investors Scramble for Discounted Tokens
Even with the broader market cooling off, Best Wallet’s ICO is still gaining momentum – passing the $3 million mark yesterday.
This growing momentum suggests traders are moving towards utility-driven platforms that offer real value.
But why all the excitement around Best Wallet?
The platform offers a well-rounded approach to crypto management, combining standard wallet features with advanced tools like cross-chain trading and presale access.
OVER $3M RAISED IN THE $BEST PRESALE!
The presale is on fire, and early movers are making their mark. Holding $BEST unlocks exclusive rewards and provides early access to the hottest new projects in the space!
Stages are selling out fast. Don’t get left behind! … pic.twitter.com/9OLPhkS4Yd
— Best Wallet (@BestWalletHQ) December 9, 2024
This presale access element is available through the “Upcoming Tokens” tab, which allows users to invest in promising projects before they hit exchanges.
Crypto community members are hyped about this feature – evidenced by the recent growth of Best Wallet’s Twitter and Telegram channels.
The native BEST token is key to this whole ecosystem.
It offers holders perks like reduced trading fees and higher staking rewards.
Early investors can now snag BEST tokens in the ICO for just $0.02305 each using crypto or a credit card.
Once secured, investors can stake their tokens, with yields currently estimated at 891% per year.
This setup allows investors to earn more BEST before the token’s exchange launch.
YouTuber Crypto Gains, who has over 140,000 subscribers, believes investing in the Best Wallet token ICO is an “easy 10x” opportunity.
Time will tell whether that’s the case – but with millions raised and a fast-growing community, Best Wallet’s momentum shows no signs of slowing.
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