Bitcoin price has been consolidation after reaching a record high in mid-December. Over the last two months, it has overcome multiple resistance levels, showing resilience against minor market setbacks. Bitcoin seems set for another rally, potentially reaching $100,000 before year-end. The leading digital currency is experiencing an uptick, fueled by bullish on-chain indicators. These suggest a rise in buying activity on major exchanges, hinting at a strong recovery ahead.
Can Bitcoin Price Hit $100k By End of December?
Bitcoin price has seen a slight increase of 0.20% today, reaching $95,700. This is a significant drop of 11.29% from its record high of $108,421.6, achieved on December 17, 2024. This peak was followed by a sharp 14.93% decline after the FOMC meeting, hitting a recent low of $92,230 on December 20. Since then, Bitcoin has shown minimal movement in either direction.
Despite expectations, the crypto markets missed the traditional Santa Claus rally this December. The month’s gains are modest, standing at just 0.60%. However, the overall performance for the year remains robust, with the Bitcoin price community still hopeful for a breakthrough to the $100,000 mark as the year concludes. Whether Bitcoin can reclaim and surpass this milestone remains to be seen as 2024 draws close.
The global cryptocurrency market capitalization has reached $3.35 trillion, marking a modest increase of 0.73% in the past 24 hours. The overall market volume has also risen by 2.42% to $123.65 billion during the same period. BlackRock’s Bitcoin ETF has experienced significant growth, surpassing traditional gold ETFs in asset inflows and holdings.
This trend underscores a shifting investor preference toward cryptocurrencies. Most digital currencies are recovering gradually, with leading cryptocurrencies poised for further gains. This speculate that Bitcoin could potentially escalate to $100,000 following these trends.
Bitcoin Price Reserves Surge
Recent developments in Bitcoin’s key metrics suggest shifts in the cryptocurrency market. Notably, spot exchange reserves have seen a marked increase, with over 20,000 BTC flowing into exchanges. Concurrently, the netflows across various platforms have shifted positively, adding 15,800 BTC, contrasting with the previous negative trend.
The surge in spot reserves indicates that holders transfer more Bitcoin to exchanges. This movement typically hints at a readiness to trade or offload their holdings, which could introduce a selling pressure in the market. Given the lengthy period of declining reserves, this sudden rise might hint at upcoming short-term volatility in the market dynamics.
If the bullish momentum sustains, Bitcoin price might overcome the $97,000 resistance barrier soon. Beyond this point, the $98,000 level could be the next target. A further push might bring $99,000 into view, setting the stage for a potential test of $100,000 by the end of this week. However, a shift in market sentiment could stall this upward movementand break down to $90k.
The RSI (Relative Strength Index) hovers near the 50 mark, suggesting a balance between buying and selling pressures. Meanwhile, the MACD (Moving Average Convergence Divergence) indicates a bullish crossover, potentially signaling the start of a stronger upward trend.
As the year draws to a close, all eyes are on Bitcoin price to see if it can reclaim and surpass the monumental $100,000 milestone, reflecting growing confidence and a maturing market.
