Coinspeaker Bitcoin (BTC) Price Spikes to New ATH of Above $107.8K Ahead of Wednesday’s FOMC Data
Bitcoin BTC $107 305 24h volatility: 2.6% Market cap: $2.12 T Vol. 24h: $104.68 B price has continued to grind higher in the recent past after closing above $100K for the last three consecutive weeks. The flagship coin surged around 3% in the past 24 hours to reach a new all-time high of about $107,822. As a result, Bitcoin’s market cap surged above $2.12 trillion as its daily average traded volume spiked over 24% to hover about $80 billion at the time of this report.
From a technical analysis standpoint, Bitcoin price is well positioned to rally further in the coming weeks. Moreover, the flagship coin has been in price discovery since the November bullish breakout, with a midterm target of about $120K on the radar of most analysts.
Bitcoin Price under High Impact News
The ongoing Bitcoin volatility will continue in the coming days ahead of high-impact news from different Jurisdictions led by the United States. On Wednesday, December 18, the Federal Reserve will release its last interest rate update for 2024.
After cutting the benchmark interest rate in the past two times, the Fed is expected to cut its rate by 25 basis points to about 4.75%. The Federal Reserve will also issue ministry policy through the Federal Open Market Committee (FOMC).
On Thursday, the Bank of Japan will release its benchmark interest rate, with most analysts expecting a hold at 0.25%. Later on Thursday, the Bank of England (BoE) will release its official benchmark interest rate, with the market expecting a hold at 4.75%.
Whale Investors Accumulate Relentlessly
The high interest in Bitcoin from whale traders and institutional investors in the recent past has fueled the ongoing bullish sentiment. As Coinspeaker noted, the overall supply of Bitcoin on centralized exchanges has continued to drop exponentially despite the notable sell-off by miners.
According to the latest market data, more than 40K Bitcoins were withdrawn from centralized exchanges in the last seven days. As a result, the overall supply of BTCs on centralized exchanges has declined to around 2.24 million at the time of this writing.
The US spot Bitcoin ETF issuers, led by BlackRock’s IBIT, have been the largest buyers of BTCs in the recent past. On Monday, the US spot BTC ETFs registered a net cash inflow of about $636.85 million. As a result, the US spot Bitcoin ETFs have registered a cumulative total net inflow of around $36.24 billion and total net assets of about $120 billion, which is about 5.76% of BTC’s market cap.
BlackRock’s IBIT and Fidelity FBTC registered a net cash inflow of about $418 million and $116 million. Remarkably, none of the US spot BTC ETF issuers registered a net cash outflow on Monday.
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Bitcoin (BTC) Price Spikes to New ATH of Above $107.8K Ahead of Wednesday’s FOMC Data
