Bitcoin Today: $98,500
- Bitcoin prices fluctuated, dipping below $98,500 on Monday after a 4% rise the previous week.
- According to an NCPPR report, Amazon shareholders are urging the company to consider Bitcoin as a reserve asset to combat inflation and enhance shareholder value.
- Le Shi, Managing Director at Auros, stated in an exclusive interview that Bitcoin is in the "relatively early stages" of a bullish cycle.
Bitcoin (BTC) fell 2.5% on Monday, trading below $98,500, following a 4% surge last week that pushed it to a new all-time high (ATH) of $104,088. As Bitcoin approaches the $100,000 milestone, major corporations are showing growing interest in the leading digital asset.
The National Center for Public Policy Research (NCPPR) recently shared a proposal from Amazon (AMZN) shareholders, encouraging the company to explore Bitcoin investments as a reserve asset. This follows a similar report submitted last month by Microsoft (MSFT) shareholders advocating Bitcoin adoption.
Bitcoin Gains Traction Among Amazon, Microsoft, and Other Corporations
After briefly surpassing $100,000 and reaching a new ATH of $104,088 last Thursday, Bitcoin's price declined on Monday.
"For those who have been in the industry for some time, this milestone seemed unimaginable in the early days," analysts at NYDIG noted in a weekly report.
"Just two years ago, the sector was reeling from collapses like Genesis, FTX, BlockFi, Celsius, and others. Bitcoin even dipped below $15,500—far below its previous cycle peak—an unprecedented event."
The recent rally has drawn attention from tech giants like Microsoft and Amazon. Last week, MicroStrategy co-founder Michael Saylor pitched Microsoft's board on why the company should invest in Bitcoin.
According to an NCPPR report, Amazon shareholders are also pushing for Bitcoin adoption to hedge against inflation and boost shareholder value.
The report highlights MicroStrategy’s (MSTR) performance, which outpaced Amazon’s stock by 537% over the past year due to its Bitcoin holdings.
"While Bitcoin remains volatile—much like Amazon stock historically—corporations must maximize shareholder value long-term. Diversifying balance sheets with Bitcoin mitigates risk without excessive exposure," the report explained.
Institutional Demand for Bitcoin Remains Strong
Bitcoin ETFs saw $2.77B in net inflows last week, rebounding from $136.5M in outflows the prior week.
Le Shi of Auros told FXStreet, "Compared to past cycles post-halving, Bitcoin is still relatively early in its bullish phase."
"I can’t predict exact timing, but there are strong reasons to remain bullish through year-end and into 2025," he added.
Bitcoin Price Prediction: Signs Point to Short-Term Correction
After peaking at $104,088 last Thursday, Bitcoin retreated to ~$98,500 by Monday.
The Relative Strength Index (RSI) shows a bearish divergence, often preceding short-term pullbacks. If confirmed, traders could see a brief rally toward $104,088 before a drop to $90,000 support. A close below may extend losses to $85,000.
Conversely, a sustained breakout above $104,088 could target $119,510—aligning with the 141.4% Fibonacci extension from November’s $66,835 low.
👉 Bitcoin ETF Strategies for 2025
👉 How Corporations Are Using Bitcoin
FAQs
What is Bitcoin?
Bitcoin is the largest cryptocurrency by market cap, designed as decentralized digital money. It operates without central authority, enabling peer-to-peer transactions.
Why Are Corporations Buying Bitcoin?
Companies like MicroStrategy and Tesla hold Bitcoin as a hedge against inflation and to diversify treasury reserves, enhancing long-term shareholder value.
What Are Stablecoins?
Stablecoins are cryptocurrencies pegged to assets like the USD, offering price stability for trading and storing value amid crypto market volatility.
How Does Bitcoin’s Dominance Affect Altcoins?
High Bitcoin dominance signals investor preference for stability, while declining dominance often leads to altcoin rallies as capital seeks higher returns.