Bitcoin (BTC) saw a sharp dip to $94,000 on Dec. 10, raising concerns among traders about potential further breakdowns. After rebounding to $98,000, the cryptocurrency quickly retreated below $96,000, posting daily losses of nearly 2%.

“Looks like longs are taking profits,” noted popular trader Skew, highlighting $97.7K–$98K as a key zone for bulls to reclaim. Analysts at More Crypto Online warned of the possibility of another local low before Bitcoin could attempt a move towards $100,000.

Bots Dominate Buying Activity

Despite the short-term weakness, smaller entities have shown buying interest. Trading resource Material Indicators revealed that TWAP (time-weighted average price) bots accounted for over $100 million in Bitcoin purchases on Binance within 10 hours.

“This isn’t retail,” the platform stated, suggesting institutional strategies are in play. While two major liquidation events rattled the market, Material Indicators emphasised the continued resilience of the broader Bitcoin rally.

Spot ETFs Maintain Momentum
Institutional appetite for Bitcoin remains undeterred. US spot Bitcoin exchange-traded funds (ETFs) recorded nearly $500 million in net inflows on Dec. 9, according to UK-based Farside Investors. This marks a notable streak of consecutive inflows, with Bitcoin ETFs posting eight days and Ethereum ETFs eleven days of gains.

Market analysts at QCP Capital observed a shift in ETF investor behaviour, with price dips no longer prompting outflows. “Bitcoin was rocked by $1.5 billion in long liquidations, plunging 3,000 points before rebounding off critical $95K support,” QCP Capital explained.

Adding intrigue to the market, Microsoft is set to vote on Dec. 10 regarding a corporate Bitcoin strategy, a proposal championed by MicroStrategy chairman Michael Saylor.

While short-term price action remains uncertain, institutional demand and ETF inflows point to continued confidence in Bitcoin’s long-term prospects.