Bitcoin Price Retreats After Record Highs: Here’s How to Trade Smarter with Uphold

Bitcoin came close to hitting $100,000, but before it could actually tap that number, the price declined, dropping as low as $90,800 this week. As of now, BTC/USD is trading above $96K, down about 5% from its all-time high (ATH) of $99,645 that was hit on Nov. 22.

This Bitcoin price retreat comes at a time when President-elect Donald Trump has been taking positive steps towards crypto, including meeting prominent figures from the crypto sector to establish a crypto advisory council and assist with Bitcoin reserve.

A Bitcoin market analysis 2024 shows that the ongoing volatility offers a perfect opportunity for traders to capitalize on the fearful sentiments during this dip while the overall developments remain bullish.

Analyzing Bitcoin’s Price Movements So Far

2024 has been a bullish year for Bitcoin. In Q1, BTC surpassed the 2021 ATH following the approval of the Spot Bitcoin ETF by the SEC. The subsequent seven months of sideways action were finally broken with Trump’s victory, during which he made several promises to the crypto community.

Now, the price seems to be taking a breather right under the key psychological level of $100K, which analysts believe is expected given that the BTC price has surged 48.65% since election day earlier this month.

This selling, driven by investors taking profits , could include those who bought the last cycle’s peak or the local top earlier this year. Not just retail investors but also institutions have been taking profits, as revealed by ETF data, which shows over half a billion in total outflows over the past two days.

Another reason for the correction, according to a CryptoQuant analyst, “is leverage overheating, as open interest and estimated leverage ratio reached annual highs.”

In fact, all this profit-taking could lead to a price dip of anywhere between 10% to 30%, which isn’t out of the norm for a crypto asset, even during bull markets. While $100,000 per BTC remains elusive for now, it remains the short-term target for the trillion-dollar cryptocurrency, as corporate inflows and Fed rate cuts continue to paint a bullish picture.

How Bitcoin Volatility Offers A Unique Opportunity for Crypto Traders

Historically, Bitcoin prices have experienced a deep correction during bull markets. These declines tend to wipe out the market’s leverage, creating a healthy foundation for the price to come back stronger and break important levels like $10K and $100K.

While these pullbacks can be scary, they create entry points for savvy investors. In a bull market, pullbacks are simply for buying. By taking advantage of these sharp drops, traders can position themselves for future price increases. Crypto trading platforms like Uphold, which has a simplified interface and instant trading, can help traders capitalize on this volatility.

Why Uphold Is Ideal for Trading Bitcoin During Market Swings

Volatility is a remarkable feature of the crypto market, as it allows people to make a fortune. It is best utilized with a strong and powerful platform. Crypto exchange Uphold enables users to take advantage of quick price movements efficiently through its user-friendly interface, competitive fees, and multi-asset trading.

Bitcoin trading on Uphold simplifies and streamlines transaction execution with its instant trading capabilities. Instead of going through several steps, Uphold allows you to trade in just one step between any supported asset. This greatly improves your reaction times, enabling you to seize market opportunities in time.

In addition to features like repeat transactions, take profit, and trailing stop, on Uphold, you enjoy secure crypto trading thanks to the exchange’s self-custody option, regulatory status, mandatory audits, and 100% reserve status.

How to Get Started with Uphold During BTC’s Rally

With the Bitcoin price enjoying action, you can get started right away by signing up for Uphold, which takes less than ten minutes. Here’s your step-by-step on how to trade Bitcoin on Uphold crypto exchange:

1. First, head over to the Uphold website and click “Get Started.”

2. Provide your personal details and agree to the terms of use.

3. Next, verify your identity by providing your government-issued ID.

4. Fund your account by tapping ‘Deposit’. Debit/credit card, wire, and bank transfers are available for fiat deposits, or you can make crypto deposits .

5. Now, start trading by finding Bitcoin and clicking ‘Transact.’

In addition to BTC, you can buy, sell, and trade over 300 other crypto assets, as well as stablecoins, forex, precious metals, and US equities on Uphold. Stay updated on asset price movements with alerts to adjust your position based on market conditions and explore staking to earn rewards.

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Bitcoin’s Long-Term Outlook: Should You Buy the Dip?

After a decade-long battle, Bitcoin finally secured an ETF, providing institutions with a simplified and compliant way to outperform the S&P 500 performance, which recorded a 25% increase YTD compared to BTC’s 120% gains. Unlike retail, this time, institutional FOMO is expected to send the BTC price higher as it becomes more valuable.

However, an even more bullish event for BTC is the incoming administration, which is set to be the most crypto-friendly to date. With Trump taking office in January 2025, the crypto sector could finally see pro-crypto policies and possibly even the establishment of a strategic Bitcoin reserve. This development has the potential to accelerate crypto adoption, which could lead to an even greener market.

Against this optimistic and bullish backdrop, Uphold empowers traders to implement Bitcoin trading strategies securely and efficiently for maximum impact.

Conclusion: Leverage Bitcoin’s Volatility with Uphold

Bitcoin is experiencing a wild time, trading near the coveted $100K price target while seeing institutional capital inflow and nation-level BTC purchases. Traders looking to take advantage of this market can do so with ease on the beginner-friendly Uphold, which offers easy registration, multi-asset trading, transparent fees, flexible funding options, and top-notch security.

So, start trading Bitcoin on Uphold today and take advantage of these exciting market opportunities!

References

• Trump Team Mulls Creating First-Ever White House Crypto Role (Bloomberg)
• Bitcoin Retail Investor Selling Signals Coming Pullback, but There Might Be a Catch (Coindesk)
• Why Bitcoin is so Volatile? (Investopedia)