Analysis: Bitcoin may need time to stabilize above $100,000

Bitcoin once fell below $95,000, and the small digital asset index fell by more than 10%, creating one of the largest declines this year. On December 5th, Bitcoin hit a historic high of $103,800 but has since struggled to stay above six figures. According to data from CoinGecko, in the past 24 hours, the entire cryptocurrency market has shrunk by about $250 billion.

Charlie Morris, Chief Investment Officer at ByteTree Asset Management wrote in a report: Large integer thresholds are real and often take time to overcome. The level of $100,000 is a number we should get used to but unless capital flows can surge from now on we will spend time at this level. Katie Stockton, technical analyst at Fairlead Strategies LLC suggested in a report that after Bitcoin failed to maintain above $100,000 it should adopt "neutral short-term bias".