The Bitcoin ETF has continued its streak of inflows for the 11th consecutive day. This has resulted in the price of the largest cryptocurrency, Bitcoin, maintaining its value around the $100,000 mark. This further hints at the possibility of the BTC token reaching another ATH this year.
Let’s explore the macroeconomic insights of the largest cryptocurrency by market cap with CoinPedia’s Bitcoin price analysis!
BTC Price Stabilizes Around $100,000 Level!
Despite registering a ~1% drop in 24 hours with a trading volume of $68.26 billion, the price of Bitcoin has continued to hover around its historical price of $100,000. However, the dominance of this crypto token has now decreased to 54.98%.
Since November, the simple moving average (SMA) has consistently supported the Bitcoin price chart, highlighting a long-term bullish price sentiment for the market’s largest cryptocurrency.
The Relative Strength Index (RSI) has recorded increased price volatility, and its average trend line is recording a consistent bearish trend. This suggests mixed price action for BTC price this week.
Bitcoin ETF Update
In the last 24 hours, BlackRock’s “IBIT” recorded the largest inflow with $431.6 million, followed by Grayscale’s “BTC” with $110.8 million. While four of the eleven BTC ETFs recorded neutral flow during this period, Grayscale’s “GBTC” alone lost $48.4 million.
With this, the total Bitcoin ETF flow for December 12 was +$597.5 million. Additionally, the largest cryptocurrency ETF has remained in positive flow for the 11th consecutive day for the first time in months.
Will BTC price reach $110,000 next?
Maintaining its value above the $100,000 mark could set the stage for Bitcoin to retest its $102,000 mark. Furthermore, if bullish sentiment intensifies, BTC price could head towards its ATH.
On the contrary, a bearish price action could take the price towards the $98,000 level. Furthermore, if the bulls fail to regain momentum at that point, this could push BTC price towards its $95,000 range.
To find answers to questions like Will BTC price reach $1 million? Read CoinPedia’s Bitcoin price prediction. Also, subscribe to stay updated on the latest news first.
Frequently asked questions
The price of Bitcoin surpassed the $1 mark for the first time in February 2011.
With the increased adoption of cryptocurrencies in the global financial structure, the price of BTC could range between $600,000 and one million by 2030.
The all-time high for BTC price is $103,900.47 and was recorded on December 5, 2024.
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