Bitcoin (BTC) Price Soars to $108,000, Only to Plunge 5% Within Seconds

Significant Bitcoin purchases by large investors, known as whales, were recorded by Whalemap. The platform noted that these powerful holders accumulated over 150,000 BTC at the $98,133 level.

Bitcoin’s price soared to an astonishing $108,000 on December 17, only to plunge almost 5% within seconds. This dizzying shift soon after Wall Street’s market opened left the BTC/USD pair with a new record, but it didn’t last. At the time of writing, Bitcoin had settled to around $103,780, according to Cryptovizor.

Whalemap recorded significant Bitcoin purchases by large investors, known as whales, at the $98,133 level. This accumulation could serve as a crucial support level if the market heads into another downward correction.

The rapid decline triggered liquidations amounting to approximately $414 million in Bitcoin futures, affecting the total open interest (OI) in the market significantly.

Despite soaring prices, QCP Capital highlighted an interesting divergence: the options market showed a preference for put options over call options, indicating a cautious approach. This implies that market participants favored risk management over pursuing a bullish rally aggressively.

Bitcoin trader Josh Rager advised against panic over this correction, suggesting that prices would likely rise over the next 3–6 months. He emphasized that the time leading up to mid-202s presents a prime window for investment.

Rekt Capital drew attention to past Bitcoin corrections. In 2013, a price drop occurred in the seventh week after a peak, while 2017 saw a 34% decline in the eighth week. In 2021, the fall was 16% during the sixth week. Bitcoin is currently in its seventh week post-peak, suggesting a correction might be imminent, potentially offsetting weeks of growth.