Originally published on: December 16, 2024
Bitcoin is on a steady climb, setting a new all-time high above $107,700 on Dec. 16, following a weekend rally. The surge in price is attributed to the increase in spot volumes and the resurgence of the Coinbase Premium during the US session.
The buying momentum in the US session was significant, fueled by weekend price action with strong spot pushes on major exchanges like Binance and notable perpetual futures volumes on KuCoin. Traders managed to break through sell walls in the $103,000–$104,000 range, indicating strong bullish sentiment in the market.
Positive news also contributed to the uptrend, with major companies like MicroStrategy and Semler Scientific making substantial Bitcoin purchases. Semler Scientific acquired 211 BTC for $21.5 million at $101,890 per coin, while MicroStrategy added 15,350 BTC for $1.5 billion at $100,386 per coin.
Independent market analyst Willy Woo highlighted that over $3 billion per day has flowed into the Bitcoin network in the past month, showcasing the high demand for BTC among investors.
Moreover, robust daily inflows to Bitcoin exchange-traded funds (ETFs) continue to drive the price of BTC higher. Recent data from SoSoValue revealed that the week ending Dec. 12 saw inflows of $2.17 billion to ETFs, bringing total net assets to $114.97 billion.
Analysts like Timothy Peterson are optimistic about Bitcoin’s future, with predictions pointing towards a potential surge to $115,000 based on ETF fund flows.
With Bitcoin’s price trajectory pointing upwards, investors and traders are closely watching the market for potential opportunities and risks. Stay informed and make informed decisions by subscribing to our Markets Outlook newsletter for critical insights every Monday.