Bitcoin Price Hits ATH; Is $120K Within Reach Next?

Highlights:

• Bitcoin whales accumulate $7.28 billion, signaling strong institutional confidence.
• Trump’s BTC reserve plan fuels optimism across global crypto markets.
• Technical indicators highlight strong buying momentum

The price of Bitcoin has spiked very sharply, a definitively bullish indicator across crypto markets. The rally fits into a broader upswing among digital assets, which has helped to boost trader optimism. Investors are increasingly attracted into BTC, as the coin’s consistent upward trajectory breaks key resistance levels. The bullish market sentiment on major altcoins continues. Strengthening crypto momentum reaches fresh highs of Bitcoin’s price surge reinforces confidence.

Bitcoin Hits $107K Amid Trump Reserve Plan

Bitcoin price has continued its upward climb, surpassing $107k for the first time. The flagship cryptocurrency surged 3% in the past 24 hours, marking a new all-time high of $107,362. Its market cap crossed $2.12 T, while trading volume spiked 25% to around $80 billion.

The U.S. Bitcoin strategic reserve pledge made by President elect Donald Trump in the previous rally has led to the record rally. The remarks also have stoked optimism among crypto investors and traders.

Bitcoin volatility is here to stay until the next batch of economic updates. Market sentiment may be driven by the Federal Reserve’s final interest rate decision of 2024 on Wednesday, December 18. Traders continue to react to developments from the major jurisdictions, and especially the United States.

Bitcoin Whales Accumulate $7.28 Billion

Crypto expert Ali recently tweeted that BTC whales have made significant moves in the past 48 hours. According to his analysis, large-scale investors purchased over 70,000 BTC, amounting to an eye-watering $7.28 billion. This surge in whale activity highlights a growing interest in the cryptocurrency market as prices continue to climb.

#Bitcoin whales bought over 70,000 $BTC in the last 48 hours, totaling more than $7.28 billion! pic.twitter.com/lEoVzmZ4i2

— Ali (@ali_charts) December 17, 2024

The chart accompanying Ali’s tweet reveals a notable increase in Bitcoin holdings among entities owning between 1,000 and 10,000 BTC. These investors are often known to as “whales” due to their ability to influence market trends through massive transactions. The rising accumulation of Bitcoin could signal growing confidence among institutional or high-net-worth investors.

This spike in whale purchases aligns with a period of rising Bitcoin prices, suggesting potential bullish momentum. As Bitcoin price approaches new highs, market participants remain watchful for further signs of whale activity. 

How High Can BTC Price Go In This Bulls Run?

Bitcoin’s price is approaching a critical resistance level at $110k, fueling optimism among investors for further gains. If the current upward trend continues, BTC could climb to $112,000, with the next target set at $115k. A strong bullish breakout may even drive prices toward the $120k mark.

On the flip side, bearish sentiment could push Bitcoin lower, testing support at $105k, Persistent downward momentum might send prices to $100k. If selling pressure intensify, Bitcoin price may retreat further to $98k, indicating a deeper correction.

The technical indicators for Bitcoin price show a bullish trend as BTC approaches high levels. On the 4-hour chart, the Relative Strength Index (RSI) is at 74, indicating that Bitcoin is moving into overbought territory. 

This is considered as buying pressure that is likely to grow if this trend continues, or maybe reverse. Bullish momentum is revealed by MACD line being above signal line. Green bars are still shown in the histogram, indicating consistent uptrend.