Bitcoin (BTC) plunged $ 2,000 over the night of March 11 after the US multinational Oracle denied rumors of buying 72,000 bitcoins.
Data from Cointelegraph Markets and TradingView showed that BTC / USD bounced back to $ 55,000 on Thursday after hitting local highs of $ 57.
Cryptocurrencies were higher on the eve of that, and bulls were eagerly awaiting a fresh test of Bitcoin’s steady gains at $ 58,300.
While the momentum helped in many ways to overcome the last range of resistance that was just below that level, it was short-lived as Oracle’s purported acceptance announcement did not materialize.
In February, accusations began to surface that the company was planning to buy massive amounts of bitcoins to compete with major institutional investors Grayscale and MicroStrategy. Social media users added that the confirmation was supposed to come on Wednesday, but a phone call failed to confirm their suspicions.
In this case, co-founder Larry Ellison did not disclose any Bitcoin-related activities, but indicated that he is optimistic about the trading environment in the coming year.
“I’m not quite ready to reveal our plans as to why I think it will suddenly increase, but we expect very rapid growth in databases next year,” he said, citing CNBC.
At the time of writing, BTC / USD has continued to decline, dropping around 2% in one hour and getting close to $ 54,000.
In response, commentators remained indifferent to backing down.
Founder Jeff Booth replied: “For those who are obsessed with daily bitcoin pricing, this is a long journey.”
“The fact that Oracle hasn’t made a purchase yet” is very optimistic and indicates an early extent. ”
Analyst: Amazon’s market capitalization could be next for Bitcoin
Looking at the longer term, one analyst this week described the nearly $ 1 trillion decline in Bitcoin’s market value as a “yield and fill operation”.
In a tweet, Mike McGlone, chief trading strategist at Bloomberg Intelligence, stated that once the merger is complete, Bitcoin will rise again and Amazon’s market value will be the next target.
“Tesla, back view, about $ 80,000 bitcoin is looking at the market value of Amazon – when the Bitcoin replenishment process is completed at around $ 1 trillion, we will see internet pioneer Amazon.com as the next potential threshold …” on Tuesday.
Bitcoin fluctuations against Amazon market cap and Bitcoin / US dollar chart. Source: Mike McGlone / Twitter
McGlone uploaded a comparison chart showing the low volatility of bitcoin that was about to simulate 2017, the year that BTC / USD rose from $ 1,000 to just under $ 20,000.