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Weekly Price Analysis: The Market Recovers from Technical Selloff

  • Despite a market-wide price decline at the start of last week, the crypto market recovered as Bitcoin closed the week at $102,800.
  • Bitcoin has now reached a new all-time high of $106,000.
  • Meanwhile, US spot crypto ETFs continue to log consecutive positive days of inflows.

Bitcoin

Bitcoin has logged new highs of $106,400 since its dip last week to $94,000, driven largely by positive ETF inflows as US spot Bitcoin ETFs record another week of consecutively positive daily inflows.

From Dec. 9 to Dec. 13, $2.17 billion flowed into the top 10 US spot BTC ETFs.

Current price action shows Bitcoin has broken its previous high of $104,000 and trades at $104,500 after reaching a new high of $106,600.

The Fed rate policy decision coming up on Dec. 18 could significantly impact price action. Expectations are hawkish with more controlled slashes moving into next year, which could negatively impact risky assets like Bitcoin.

Price technicals support a hawkish stance as Bitcoin’s price could push downward to grab liquidity at lower levels around $100,000.

Ethereum

The second-largest crypto rebounded from a weekly low of $3,500 to a local high of $4,000. Unlike Bitcoin, it has not broken the previous high formed at the $4,100 level.

Meanwhile, Ethereum spot ETF inflows remained positive throughout last week, totalling $854.8 million.

Ethereum trades at $3,950 at the time of publishing.

Solana

Unlike Bitcoin and Ethereum which have rebounded since last week, Solana’s price has declined since failing to close above its all-time high of $260 on the daily time frame.

Price action on intermediate time frames (H4/H1) shows rejection and sells from local supply zones which may continue until a logical demand zone at $160. Solana’s price will need to break above $247 on the H4 and eventually close above the all-time high on the daily time frame to resume its bullish motion.

Solana trades at $214 at the time of publishing.

Ripple

Ripple’s price action has been incredibly bullish following its legal wins and expected changes to the US regulatory landscape. The crypto surpassed its former all-time high of $1.99 and formed a new ATH of $2.90 on Dec. 3.

More recent price action shows a pullback from highs as the price formed a new local supply zone, rejected, and sold from it. A continuation of the current trend would see price take liquidity at the $1.90 level while a reversal would see price break above $2.65.

Ripple trades at $2.36 at the time of publishing.

The post Weekly Price Analysis: The Market Recovers from Technical Selloff appeared first on CoinJournal.

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Bitcoin reaches new all-time high of above $106,000

  • Bitcoin hit $106,400 in the early hours of December 16
  • Crypto trader believes the next three to four weeks are going to be significant for Bitcoin if history repeats
  • Investors believe Bitcoin reaching $120,000 by the end of 2024 is achievable

Bitcoin set a new all-time high above $106,000 following news that President-elect Donald Trump is considering plans to create a US Bitcoin strategic reserve.

In the early hours of December 16, Bitcoin topped more than $106,400, according to data from CoinMarketCap.

Bitcoin reaches over $106,000, setting a new all-time high. Source: CoinMarketCap

At the time of publishing, Bitcoin has retraced slightly to $104,700. Over the past year, the world’s largest crypto asset has risen nearly 148% in value. Bitcoin’s previous high was set on December 5, hitting close to $104,000.

News of Bitcoin’s rally comes as Trump announced he’s considering creating a US Bitcoin strategic reserve similar to its oil reserve. Speaking to CNBC last week, Trump said:

“We’re gonna do something great with crypto because we don’t want China, or anybody else … but others are embracing it, and we want to be ahead.”

In relation to a question about whether the US will create a Bitcoin strategic reserve, Trump said: “Yes, I think so.”

In a post on X, Ash Crypto wrote: “Bitcoin is breaking out. If history repeats, the next 3-4 weeks are going to be massive.”

Crypto-friendly administration

The incoming Trump administration is seen as more crypto friendly compared to Biden’s team.

During his campaign, Trump promised to make America the “crypto capital of the planet.” Since winning the US election, his team has already made significant appointments, many of whom are crypto-friendly.

Last week, Trump appointed Paul Atkins as the next Chair of the US Securities and Exchange Commission (SEC). He will be replacing Gary Gensler who is stepping down on January 20, 2025.

Trump also named David Sacks as the lead policy advisor on artificial intelligence and crypto, dubbing him the “White House AI and Crypto Czar.” In November, Trump announced that Elon Musk and Vivek Ramaswamy will lead the Department of Government Efficiency (DOGE) to “dismantle government bureaucracy.”

Speaking to the BBC, Peter McGuire from trading platform XM.com, said:

“The Bitcoin rally since the election has been parabolic and the FOMO – or fear of missing out – rally is gathering momentum. Many investors believe $120,000 is achievable by the end of the year and then in 2025 there’s talk of greater than $150,000 by mid-year.”

The post Bitcoin reaches new all-time high of above $106,000 appeared first on CoinJournal.