Bitcoin price all-time highs driven by spot volumes — Analyst says $115K is next

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Bitcoin extended its weekend rally on Dec. 16, 2024 by setting a new all-time high above $107,700.

The swell in Bitcoin’s price comes amid a steady surge in spot volumes and the re-emergence of the Coinbase Premium in the US session.

Robust buying in the US session followed the explosive weekend price action, which saw a strong spot push on Binance and notable perpetual futures volumes on KuCoin on Sunday, Dec. 15, as traders pushed BTC’s price through the $103,000–$104,000 sell walls.

Bitcoin Price, Markets, Donald Trump, MicroStrategy, Bitcoin ETF, ETF, Michael Saylor

BTC/USDT 4-hour chart (Binance). Source: TRDR.io

In addition to the steady spot buy volumes, positive news flow about new Bitcoin purchases from MicroStrategy and Semler Scientific hit headlines at the start of the day. 

Semler Scientific purchased 211 BTC for $21.5 million at $101,890 per coin, and MicroStrategy acquired 15,350 BTC for $1.5 billion at $100,386 per coin. 

According to independent market analyst Willy Woo, more than $3 billion dollars per day has entered the Bitcoin network over the past 30 days, a data point that highlights the bottomless appetite that market participants have for BTC at the moment. 

Robust daily inflows to the spot Bitcoin exchange-traded funds (ETFs) are also a consistent catalyst in BTC’s ascension to new all-time highs. According to data from SoSoValue, the week ending Dec. 12 saw $2.17 billion in inflows to the ETFs, bringing the total net assets to $114.97 billion. 

According to independent Bitcoin researcher and investor Timothy Peterson, Bitcoin’s price is most likely headed to $115,000 “based on ETF fund flows.” 

Source: https://cointelegraph.com/news/bitcoin-price-all-time-highs-driven-by-spot-volumes-analyst-says-115-k-is-next

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