Bitcoin price sheds 5% after Oracle keeps quiet on $4B BTC allocation rumors

by Gordon James

Bitcoin (BTC) fell $2,000 overnight on March 11-12 after US multinational Oracle debunked rumors that it had bought 72,000 BTC.

1-hour candlestick chart of BTC/USD (Bitstamp). Source: View of the shop

Data from Cointelegraph Markets and TradingView showed that BTC/USD returned to the $55,000 level on Thursday after hitting local highs of $57,000.

The performance of cryptocurrencies has been good over the past day, and bulls are eager to retest bitcoin’s highs at $58,300.

Although the momentum overcame the last group of resistance just below that level, it didn’t last long as Oracle’s supposed announcement of adoption didn’t materialize.

Back in February, allegations surfaced that the company was planning to buy large amounts of bitcoin that would rival large institutional investors Grayscale and MicroStrategy. A confirmation was expected on Wednesday, social media users added, but the results conference did not confirm their suspicions.

In this case, co-founder Larry Ellison did not disclose any bitcoin-related activities, while noting that he is optimistic about the business environment for the coming year.

I’m not ready to reveal our plans and why I think they will suddenly get off the ground, but we expect the database to grow very, very quickly next year, he said, as quoted by CNBC.

At the time of writing, BTC/USD continues to recover, losing about 2% per hour and approaching $54,000.

The commentators reacted unimpressed by the anticlimax.

For those who have followed the bitcoin price over the course of a day, it’s a long shot, replied entrepreneur Jeff Booth:

The fact that Oracle has not bought yet is very bullish and indicates that it is still early.

Analyst: Amazon could be next for bitcoin.

From a longer-term perspective, one analyst this week described bitcoin’s decline to around $1 trillion as a fill-in process.

In a tweet, Mike McGlone, senior commodities strategist at Bloomberg Intelligence, said bitcoin will start to rise again once the consolidation is over – and the next target will be Amazon’s market size.

Tesla in the background, over $80,000 Bitcoin looks to Amazon’s market cap – Once the process of filling bitcoin around the $1 trillion market cap is complete, we see internet pioneer as a possible next threshold …, he wrote Tuesday.

Graph of bitcoin volatility, Amazon’s market capitalization and BTC/USD. Source: Mike McGlone/Twitter

Bitcoin price sheds 5% after Oracle keeps quiet on $4B BTC allocation rumors

McGlone uploaded a comparison chart showing bitcoin’s low volatility, which could be a repeat of 2017, when BTC/USD went from $1,000 to just under $20,000.

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