- Bitcoin (BTC) shows strength, currently priced at $97,952, with a market dominance of 55.22%.
- Whale activity and institutional interest boost bullish momentum, with Bitcoin spot ETFs seeing $440 million in inflows.
- Bitcoin is approaching critical resistance at $101K, with $110K as the next target for potential breakout.
Bitcoin (BTC) is showing signs of strength after recently dipping to a low of $92K. The cryptocurrency appears to be on the verge of a significant breakout, with several key bullish signals indicating the potential for further price gains.
As of writing, BTC’s price stands at $97,952, having increased by 0.66% in the last 24 hours. The cryptocurrency’s 24-hour trading volume is at $159.65 billion, with a market capitalization of $1.94 trillion and a market dominance of 55.22%. Despite recent fluctuations, Bitcoin’s price momentum suggests a recovery and potential for future growth.
Whale Activity and ETFs Drive Bitcoin’s Bullish Momentum
Recent data reveals a new whale taking advantage of BTC’s price dip. According to Spot On Chain, a whale accumulated a total of 801 BTC (worth approximately $77.55 million) from Binance at an average price of $96,815. This move, occurring over the past 17 hours, highlights a growing sentiment among large investors that BTC’s price may be poised for upward movement.
In addition to whale activity, institutional interest in BTC continues to grow, further supporting the bullish outlook. Data from SoSoValue reveals that Bitcoin spot ETFs experienced a net inflow of $440 million on December 10, marking the ninth consecutive day of positive inflows. The BlackRock ETF IBIT and Fidelity ETF FBTC both saw impressive daily net inflows, with $296 million and $210 million, respectively. This ongoing interest from institutional investors is seen as a key factor contributing to the bullish market sentiment.
Bitcoin Poised for Breakout, $110K in Sight
Market watchers are optimistic that BTC could soon test new price levels. Crypto analyst Captain Faibik noted that BTC is on the verge of bouncing back and may soon retest the critical resistance level of around $101K. If BTC can successfully break through this resistance, the next target could be as high as $110K.
With strong institutional support, significant whale activity, and a series of bullish market indicators, Bitcoin’s price trajectory appears to be aiming for higher targets. As market participants continue to monitor Bitcoin’s movements closely, the potential for a continued upward trend remains high, with $110K serving as the next major milestone in the cryptocurrency’s climb.
