Bitcoin slips below $100K as corporate interest soars: Is $120K the next target?

Bitcoin fell slightly on Monday, cooling after a weekend rally that saw it reach a record high of $103,719 on December 4. By December 6, Bitcoin was trading at $98,658, marking a 13.53% pullback and wiping out over $1.5 billion in leveraged positions. While the dip highlights market volatility, BTC’s year-to-date (YTD) gains of 130% affirm its dominance as a key player in global finance.

This retreat comes amid optimism over President-elect Donald Trump’s crypto-friendly policies, increased corporate interest in Bitcoin, and concerns over large-scale liquidations from Mt. Gox-related wallets.

Bitcoin’s rally was fueled by expectations of regulatory clarity under Trump’s administration. The nomination of Paul Atkins as SEC Chair and pro-crypto picks for key economic positions signaled a potential boom for the digital asset sector. Trump has promised to make the U.S. the “crypto capital” of the world and floated the idea of a Bitcoin Strategic Reserve, sparking optimism despite skepticism over its feasibility.

Amazon eyes Bitcoin as whales stay in

Amazon has emerged as the latest major company to consider adopting Bitcoin. During the 2025 shareholders meeting on December 6, shareholders petitioned Amazon’s board to explore adding Bitcoin to its balance sheet.

With $88 billion in cash, cash equivalents, and marketable securities, Amazon is well-positioned to make a significant impact by diversifying into Bitcoin. Shareholders highlighted Bitcoin’s superior returns—131% over the past year and 1,246% over the last five years—compared to corporate bonds. The document also emphasized MicroStrategy’s Bitcoin-focused strategy, which has driven its stock to outperform Amazon by 537% over the past year, as a compelling precedent.

These discussions come at a time when institutional interest in Bitcoin is rising sharply. The $2.4 billion inflows into Spot Bitcoin ETFs not only underscore Bitcoin’s growing acceptance but also make a strong case for corporate adoption. Major players like Tesla and Block have already added Bitcoin to their balance sheets, and Amazon’s institutional investors—such as BlackRock and Fidelity—are major proponents of Bitcoin ETFs. If Amazon moves forward, it could trigger a broader corporate trend, driving even greater demand for Bitcoin.

Source: Coinglass

The dip below $100K

Bitcoin’s retracement below $100,000 was driven by several market forces. Profit-taking played a significant role, with Chinese tech company Meitu selling 940 BTC and 31,000 ETH to realize $80 million in profits. This triggered broader selling pressure, leading to market liquidations of over $1.5 billion in leveraged positions, which further amplified the decline. Adding to the bearish sentiment, movements of $2 billion worth of coins from Mt. Gox wallets raised fears of a creditor distribution, potentially flooding the market with supply.

Bitcoin’s volatility reignited debates between skeptics and advocates. Economist Peter Schiff dismissed the rally as being driven by government manipulation, claiming it lacked organic market support. However, crypto advocates countered his arguments, highlighting Bitcoin’s status as a truly free-market asset compared to gold, which often depends on government support. Binance CEO Changpeng Zhao celebrated the milestone and encouraged the community to remain focused, stating, “Keep building.”

The road ahead: Are we looking at $120k?

Despite its recent retreat, Bitcoin remains near its all-time highs, and analysts remain optimistic about recovery. Trump’s upcoming policy announcements, growing corporate adoption led by companies like Amazon, and Bitcoin’s robust market fundamentals suggest further potential for gains as 2024 draws to a close.

Bitcoin’s retreat below $100K underscores its volatility but doesn’t overshadow its significance. It is no longer just a speculative asset—it is a cornerstone of financial innovation, challenging traditional systems and shaping the future of global finance.

At the time of writing, BTC has dipped just below $100,000 with bullish signals still evident. However, RSI slightly dipping below 70 could be a hint for a pause on bullish momentum.

Buyers could find a hurdle at the $104,000 mark with sellers potentially being held at the $96,000 and $92,160 support levels. 

Source: Deriv MT5

Disclaimer:

The information contained within this article is for educational purposes only and is not intended as financial or investment advice. It is considered accurate and correct at the date of publication. Changes in circumstances after the time of publication may impact the accuracy of the information. The performance figures quoted refer to the past, and past performance is not a guarantee of future performance or a reliable guide to future performance. No representation or warranty is given as to the accuracy or completeness of this information. Do your own research before making any trading decisions.