The Bitcoin ETF has seen continuous inflows for the 11th consecutive day, contributing to Bitcoin’s price stability around the $100,000 mark. This suggests a potential for the cryptocurrency to reach another all-time high this year. Let’s delve into CoinPedia’s Bitcoin Price Analysis to explore the macro insights of the largest cryptocurrency by market capitalization.
BTC Price Stabilizes Around The $100,000 Level
Despite a slight 1% drop in the past 24 hours and a trading volume of $68.260 billion, Bitcoin’s price has remained steady at the $100,000 milestone. However, its dominance in the market has decreased to 54.98%. The Simple Moving Average (SMA) has been consistently supporting the Bitcoin price chart since November, indicating a long-term bullish sentiment for the cryptocurrency. The Relative Strength Index (RSI) has shown increased price volatility, with its average trendline experiencing a downward trend, suggesting mixed price action for Bitcoin this week.
Bitcoin ETF Update
In the last 24 hours, BlackRock’s “IBIT” saw the highest inflow of $431.6 million, followed by Grayscale’s “BTC” with $110.8 million. Four out of eleven BTC ETFs had a neutral flow, while Grayscale’s “GBTC” experienced an outflow of $48.4 million. The total Bitcoin ETF flow for December 12th was +$597.5 million. The largest cryptocurrency ETF has maintained a positive flow for the 11th consecutive day, marking a significant trend in recent months.
Will BTC Price Hit $110,000 Next?
Sustaining its value above $100,000 could pave the way for Bitcoin to retest the $102,000 mark. If bullish sentiment strengthens, the price could surge towards its all-time high. Conversely, a bearish scenario may lead to a drop to the $98,000 level, with further potential downside towards $95,000 if bullish momentum is not regained. For more insights on Bitcoin’s potential price movements, check out CoinPedia’s Bitcoin Price Prediction and subscribe to stay informed on the latest news updates.
FAQs
1. When did BTC hit $1 dollar?
The Bitcoin price crossed the $1 mark for the first time in February 2011.
2. How much will Bitcoin be worth in 2030?
With the growing adoption of cryptocurrencies in the global financial landscape, Bitcoin’s price could range between $600,000 to one million by 2030.
3. What is the highest price of Bitcoin ever recorded?
The all-time high for Bitcoin’s price is $103,900.47, achieved on December 5th, 2024.
Stay tuned for more updates on Bitcoin and the cryptocurrency market on CoinPedia’s platform.