Bitcoin Price Jumps 0.64% as Microsoft Shareholders Reject Bitcoin Proposal: Will BTC Regain $100k?

Highlights:

• Bitcoin rises 0.64% to $98,358, despite a 15% drop in volume.
• Microsoft shareholders reject a proposal to add Bitcoin to its balance sheet.
• Microsoft stock drops 0.076% to $445.68, reflecting caution toward cryptocurrency.

The Bitcoin price is up 0.64% in the last 24 hours to trade at $98,358 as of 7:25 a.m. EST on a 15% drop in trading volume to $95 billion. This slight surge comes as Microsoft shareholders voted down a proposal that would have compelled the tech giant’s board to study the potential benefits of investing in Bitcoin.

The resolution would have required the board to “conduct an assessment to determine if diversifying the Company’s balance sheet by including Bitcoin is in the best long-term interests of shareholders.

NEW: MICROSOFT SHAREHOLDERS VOTE NO ON #BITCOIN TREASURY

THIS WILL GO DOWN AS A HISTORIC MISTAKE 👏 pic.twitter.com/66sQXDMSaj

— The Bitcoin Historian (@pete_rizzo_) December 10, 2024

Microsoft’s board opposed the proposal and recommended voting against it. In its filing with the SEC Form 14A, the board stated that such an action is unnecessary since it has well-established processes regarding the management and diversification of its corporate treasury.

Microsoft has robust and appropriate processes in place to manage and diversify its corporate treasury for the long-term benefit of shareholders, and this requested public assessment is unwarranted. said the board.

Microsoft Vote Shows Corporate Caution Towards Cryptocurrency

The proposal’s defeat indicates how cautious most conservative corporations, including Microsoft, are about considering cryptocurrency as part of their financial strategies. While Bitcoin is becoming increasingly popular and widely recognized, its integration into corporate balance sheets remains controversial, with concerns about volatility and regulatory uncertainties.

Microsoft’s stock also reflected mild investor reaction, sliding 0.076% to $445.68. The vote and its aftermath underline the more general reluctance of corporate America to embrace cryptocurrencies wholeheartedly, even as they might diversify and strengthen their financial portfolios.

BTC Statistics

• Bitcoin price: $98,358
• Market Cap: $1.95 Trillion
• Trading Volume: $131.81 Billion
• Circulating Supply: 19.79 Million
• Total Supply: 21 Million

Bitcoin Price May Rebound on Strong Support

The daily Bitcoin (BTC/USDT) on Binance shows quite an extreme bullish bias, as the price trades at $98,494. Since it obtained the major support area from around $50,000, Bitcoin has consolidated at its recent highs from the parabolic rally seen then. The parabolic curve here indicates strong upward momentum; however, it may simply be a case of catching one’s breath, followed by a possible continuation upwards.

The 50-day SMA stands at $85,799, while the 200-day SMA is at $68,532.89. Both are in a golden cross continuation for the uptrend and act as dynamic support levels.

The RSI is 64.86, which means that the bullish sentiment has not reached overbought territory yet, and there is still room for upward movement. This is further consolidated by steady trading volume, consistent with the current consolidation.

If Bitcoin breaks above the critical psychological level of $100,000, as projected on the chart, it could open the path for an extended rally toward $120,000. On the downside, however, an inability to sustain above the $90,000 support level, which is the lower boundary of the consolidation zone, may trigger a deeper correction.

In such a scenario, Bitcoin price could fall back to test the 50-day SMA at $85,799 or even the 200-day SMA at $68,532, which is key long-term support. Traders can closely monitor the RSI and volume trends for any signs of continuation or reversal of the uptrend momentum as the price approaches these critical levels.