Despite a significant purchase of Bitcoin (BTC) by MicroStrategy, the price of Bitcoin fell to $37,500. This standard movement occurs even though it may seem absurd; the market tends to react with a drop when it becomes aware of the company’s purchase. As the hours tick down to December, what are the expectations?
Crypto Market Commentary
At the time of writing, the Bitcoin price is hovering near $37,500. There are no significant decisions regarding ETFs in December, and hopes for approval have been postponed to the next year. For now, investors are reducing their long positions in anticipation of a slight market pullback amid this weak news flow.
On the other hand, the BTC purchase announced by MicroStrategy also supported the sales. The company, which made the purchase at a cost of $36,785, had correctly predicted bottoms in the past. If the king cryptocurrency continues to close above $36,785, it will be another moment where history repeats itself.
So, with just hours left until December, which altcoin can investors profit from in the next 31 days?
Chainlink (LINK)
To avoid surprise, we should see what Chainlink is attempting to do today. The enterprise behind LINK Coin has been expanding its stake pool, as we have been warning for the past few weeks. Chainlink Staking v0.2 was launched this year. The priority transition occurred on November 28, and only the existing v0.1 LINK stakers could join the pool. Eligible addresses will participate until December 7, and general admission will begin on December 11.
The LINK price, after reaching a peak of $16.58 on November 11, has fallen to $12.86. If the decline continues, sales could be seen down to $10. However, due to news flow, the rise of LINK Coin could continue. The locking of hundreds of millions of tokens should create demand and result in a supply shortage on exchanges.
If the upward movement revives, the resistance trend line of the rising parallel channel can be tested at $18.3. However, closings below the November 17 low of $12.86 could bring a 27% loss.
For now, the extent of the BTC correction and whether the excitement of 2024 will envelop investors as we approach the end of December will determine the direction of the charts.
Disclaimer: The information in this article does not constitute investment advice. Investors should be aware of the high volatility and risk of cryptocurrencies and should carry out their transactions based on their own research.
- Bitcoin price drops despite MicroStrategy’s buy.
- Chainlink’s expansion and its potential impact.
- Investor expectations and market direction assessed.
