Bitcoin's price has recently dropped by over 4% in the last 24 hours, reaching around $97,000 on December 10. This decline represents a significant decrease of 6.40% from its recent all-time high of approximately $103,650, which was achieved just five days earlier.
The decrease in Bitcoin's value seems to be influenced by a combination of market sentiment and strategic actions taken by long-term holders, as well as external factors such as an upcoming vote by Microsoft shareholders on whether to add Bitcoin to the company's treasury. The timing of Bitcoin's price drop coincides with this critical vote, and there has been a surge in interest in Bitcoin among retail traders as the vote approaches.
Additionally, profit-taking by long-term holders has contributed to the price decline, with data showing significant movement of BTC by traders who have held their coins for 6-12 months.
Technical indicators also suggest a potential further decline in Bitcoin's price, with weakening relative strength index (RSI) and a rising wedge pattern. Traders and investors are advised to stay vigilant and conduct thorough research before making any investment decisions, as market sentiment, profit-taking behavior, and technical indicators will continue to shape Bitcoin's price trajectory.