Bitcoin consolidates range as investors eye $100K target

Bitcoin’s (CRYPTO:BTC) price correction extended into early December, with BTC briefly falling below $93,600 on December 3.

Despite the dip, data shows that various market participants remain eager to buy the dip.

Bitcoin is currently consolidating after a strong 37% gain in November, following a significant $26,000 rally.

This consolidation phase, where BTC builds a defined range with clear support and resistance levels, is viewed as a healthy next step before a potential push towards the $100,000 mark.

On December 3, Bitcoin’s price briefly dropped below $65,000 on South Korean exchange Upbit due to a liquidity shortage following a brief, retracted martial law announcement by President Yoon Suk Yeol.

However, BTC traded around $95,000 on Binance during the same period.

Several bullish catalysts are supporting Bitcoin’s price outlook.

On December 2, MicroStrategy announced it had purchased 15,400 BTC for $1.5 billion, acquiring the coins at $95,976 per BTC.

That same day, Bitcoin miner Marathon proposed a private offering of $800 million in convertible notes, with plans to use the funds to buy more Bitcoin.

Further bullish developments could come soon, including a vote by Microsoft shareholders on December 10 regarding the addition of BTC to the company’s balance sheet.

Additionally, there are rumors about potential announcements regarding a U.S. strategic Bitcoin reserve and similar developments in the Middle East.

Another positive factor for Bitcoin is the continued strong demand for spot Bitcoin ETFs.

Data from SoSoValue reveals that spot ETFs saw $3.38 billion in inflows from November 21 to November 25, with December starting strong, registering three consecutive days of inflows above $100 million.

At the time of reporting, the Bitcoin price was $95,750.17.