Bitcoin Price Reaches New All-Time High of $107,822
Bitcoin price has risen, closing above $100K for three consecutive weeks. The coin increased approximately 3% in the last 24 hours, reaching a new all-time high of about $107,822. Consequently, Bitcoin's market cap surpassed $2.12 trillion, with daily average traded volume increasing over 24% to around $80 billion.
Technically, Bitcoin is positioned for further rallies. Following a bullish breakout in November, analysts target a midterm price of about $120K.
Bitcoin Price under High Impact News
Bitcoin volatility is expected to persist ahead of significant news from various jurisdictions, particularly the United States. On December 18, the Federal Reserve will release its final interest rate update for 2024.
After two previous cuts, the Fed is anticipated to lower its benchmark interest rate by 25 basis points to approximately 4.75%. Additionally, the Federal Open Market Committee (FOMC) will issue monetary policy updates.
On Thursday, the Bank of Japan is expected to maintain its benchmark interest rate at 0.25%. Also on Thursday, the Bank of England (BoE) is projected to hold its official benchmark interest rate at 4.75%.
Whale Investors Accumulate Relentlessly
Increased interest from whale traders and institutional investors has contributed to the bullish sentiment surrounding Bitcoin. Despite miner sell-offs, the overall supply of Bitcoin on centralized exchanges has decreased significantly. Recent data indicates that over 40K Bitcoins were withdrawn from centralized exchanges in the past week, reducing the total supply to about 2.24 million.
The US spot Bitcoin ETF issuers, led by BlackRock’s IBIT, have become substantial buyers of Bitcoin recently. On Monday, US spot BTC ETFs saw a net cash inflow of approximately $636.85 million, resulting in a cumulative total net inflow of around $36.24 billion and total net assets of about $120 billion, constituting approximately 5.76% of Bitcoin’s market cap.
BlackRock’s IBIT and Fidelity FBTC recorded net cash inflows of about $418 million and $116 million, respectively, with no US spot BTC ETF issuers reporting net cash outflows on Monday.