All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders.
- Bitcoin surged to $106,533, supported by $2.17B inflows into ETFs and Trump’s strategic Bitcoin reserve announcement.
- Bitcoin’s market cap hit $2.08 trillion, with $119 million in liquidations and dominance rising to 57.49%, indicating potential growth to $120,000.
Bitcoin’s meteoric rise has captured global attention, with its price surging to an all-time high of $106,533 early Monday. This record-breaking rally follows significant institutional demand and remarks from President-elect Donald Trump on establishing a strategic Bitcoin reserve. Trump emphasized that the U.S. would do something great with crypto, hinting at stronger national involvement in the digital asset space.
The market sentiment remains firmly in “extreme greed” territory, as the Bitcoin Fear and Greed Index scored 80 on a scale from 0 to 100. Institutional traders, fueled by increasing inflows into Bitcoin exchange-traded funds (ETFs), have propelled the cryptocurrency’s valuation. Notably, U.S. spot BTC ETFs, led by BlackRock’s IBIT and Fidelity’s FBTC, drew a staggering $2.17 billion in net cash inflows over the past week, according to SoSoValue.
Derivatives Liquidations Exceed $120M
Bitcoin’s current market capitalization has crossed $2.08 trillion, with the cryptocurrency trading near $104,700 at the time of writing. Analysts remain bullish, setting a near-term target of $110,000 as BTC operates in “blue sky” territory, breaking past its previous records. Tony Sycamore, a crypto analyst, noted,
The pullback that a lot of people were waiting for just didn’t happen, because now we’ve got this news.
Liquidations in BTC derivatives also reflect the market’s upward pressure. Over $120 million in positions were wiped out as Bitcoin soared past the $106k mark, according to Coinglass. Meanwhile, whale activity remains high, with centralized exchange Bitcoin supplies dropping by 37,000 BTC to hover around 2.25 million in the past week.
Source: Coinglass
Altcoins have slightly recovered from the weekend’s corrections, but Bitcoin dominance continues to grow, surging 4% in December to reach 57.49%. Legendary trader Peter Brandt predicts that BTC could soon challenge the $120,000 mark, bolstered by its growing dominance over gold and altcoins.
Everything else is a pretender $BTC pic.twitter.com/sKRVFQ8Hkw
— Peter Brandt (@PeterLBrandt) December 15, 2024
Bitcoin Rally Continues Amid Strong Technical Signals
From a technical perspective, Bitcoin’s momentum remains strong. The Relative Strength Index (RSI) reads 67, suggesting room for growth before the market enters the overbought territory. Additionally, the 78.6% Fibonacci retracement level at $98,128 is expected to act as a support in case of a downturn.
On the higher end, analysts project a bullish price target of $131K for Bitcoin, aligning with the 161.80% Fibonacci retracement from its $68K rally in early November to a new all-time high. As BTC’s upward momentum persists, whale activity and the U.S.’s increasing focus on strategic reserves are expected to sustain the rally.
