As a seasoned crypto investor with a decade of experience under my belt, I must admit that the current state of Bitcoin is nothing short of exhilarating. The recent surge past $107,700 is a testament to the resilience and potential of this digital gold.
Bitcoin extended its weekend rally on Dec. 16 by setting a new all-time high above $107,700.
The increase in Bitcoin’s price is happening alongside a continuous rise in trading volumes and a return of the Coinbase Premium during the U.S. trading hours.
Strong buying activity in the US trading session was triggered by the intense weekend market action, where Bitcoin experienced a significant surge at Binance and high perpetual futures volumes at KuCoin on December 15. Traders managed to break through the resistance of $103,000 to $104,000 selling walls, pushing the BTC price upwards.
Alongside consistent market purchases, optimistic reports about Bitcoin acquisitions by MicroStrategy and Semler Scientific dominated the morning news.
1) Semler Scientific bought 211 Bitcoins priced at approximately $101,890 each, totaling $21.5 million. On the other hand, MicroStrategy acquired close to 15,350 Bitcoin units for about $100,386 per coin, which amounts to a whopping $1.5 billion.
MicroStrategy recently purchased 15,350 Bitcoins for approximately $1.5 billion, which equates to around $100,386 per Bitcoin. This acquisition has resulted in a Quarter-to-Date (QTD) Bitcoin Yield of 46.4% and a Year-to-Date (YTD) yield of 72.4%. As of December 15, 2024, MicroStrategy holds approximately 439,000 Bitcoins, which were acquired for about $27.1 billion, or around $61,725 per Bitcoin. Symbol: $MSTR.
— Michael Saylor⚡️ (@saylor) December 16, 2024
Based on recent analysis by market expert Willy Woo, it’s been estimated that approximately $3 billion in value has flowed into the Bitcoin system daily over the last month. This figure underscores the current intense demand among investors for Bitcoin.
The last 30 days has seen more than 3 BILLION DOLLARS per day entering the #Bitcoin network.
— Willy Woo (@woonomic) December 16, 2024
Strong and steady investments into Bitcoin Exchange-Traded Funds (ETFs) on a daily basis play a significant role in Bitcoin’s continued climb to record highs. As per SoSoValue’s data, during the week ending December 12, there were inflows of approximately $2.17 billion into these ETFs, pushing their total net assets up to $114.97 billion.
Based on the analysis of an individual Bitcoin expert and investor, Timothy Peterson, it appears that the Bitcoin price could potentially reach approximately $115,000, considering the patterns observed in ETF fund flows.
Based on ETF fund flows, #Bitcoin is headed to $115k
— Timothy Peterson (@nsquaredvalue) December 16, 2024
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2024-12-16 22:13