Marathon Digital's BTC Strategy: Fueling Investor Optimism Ahead of $100k

Bitcoin (BTCUSD) is consolidating after hitting a fresh all-time high of $93,483 and is currently trading around $95123.

Marathon Digital’s Bold BTC Purchases: Strengthening Its Position

In November 2024, Marathon Digital Holdings bought 703 BTC, increasing its monthly total to 6,474 BTC. This brought its overall Bitcoin holdings to about 34,794 BTC, making it the second-largest corporate holder after MicroStrategy. The company funded these purchases with a successful $1 billion convertible note offering, using $160 million for more Bitcoin. Marathon is focused on building a strong Bitcoin reserve, believing it is an important asset for companies.

ETF Resurgence: A Surge of Investor Confidence

This week, Bitcoin exchange-traded funds (ETFs) saw a strong comeback, with $103.09 million flowing in on November 27, 2024, after losing over $561 million in the previous two days. This increase shows renewed interest as Bitcoin gets closer to the $100,000 mark. Bitwise's BITB led the way with $48.05 million, followed by Fidelity's FBTC with $40.24 million. Grayscale Bitcoin Mini Trust added $11.99 million, and Franklin Templeton's EZBC contributed $2.81 million. Overall, the total trading volume for these ETFs reached about $4.59 billion, highlighting strong market activity.

Market Dynamics: Analyzing BTC Support and Resistance

BTCUSD trades above the short-term moving averages (34-EMA and 55-EMA) and the long-term moving average (200-EMA) in the daily chart. Minor support is at $90000; any break below this level will target $86700/$84,000, $80,000, or $75,800.

Bullish Potential: Targeting the $100,000 Milestone

In a bullish scenario, the primary supply zone is at $98,000. A break above this level would confirm intraday bullishness, with a potential jump to $100,000. A secondary barrier at $100,000 suggests that a close above this level could target $110,000. Indicators on the 4-hour chart, such as a bullish Commodity Channel Index (CCI) and Average Directional Movement Index, support this positive outlook. An investment strategy could involve buying on dips around $80,000, with a stop-loss set around $76,000 for a target price of $100,000.