According to Cointelegraph: Bitcoin achieves its best-ever weekly close, nearing $90K, as traders monitor ETF flows, whale activity, and Federal Reserve decisions amid mounting market "FOMO."
Bitcoin Hits Historic Weekly Close Amid Bullish Momentum
Bitcoin ended the week with a record-breaking close just shy of $90,000, sustaining a strong 30% month-to-date rally. Market participants are preparing for increased volatility, with predictions for new all-time highs ranging from $95,000 to $100,000.
Technical analysis shows BTC/USD holding critical support levels near $87,000, while traders eye $91,300 as the next resistance zone. Analysts like Skew highlight the potential for an “aggressive spike” to $95K in the coming week, though concerns about mass "FOMO" could lead to reversals before $100K.
Spot Bitcoin ETFs Drive Institutional Accumulation
Spot Bitcoin ETFs have seen significant inflows, adding $1.7 billion in the past week alone and bringing total assets under management to $95.4 billion. Since their January launch, ETF holdings have increased by 425,000 BTC, now accounting for 5.33% of Bitcoin’s circulating supply.
Institutional investors, including billionaire Paul Tudor Jones, continue to increase their positions. Jones now holds $160 million in BlackRock's iShares Bitcoin Trust, making him one of its top 10 holders. These trends suggest sustained institutional interest as ETFs tighten Bitcoin's supply and drive price action higher.
Whale Activity Signals Continued Accumulation
On-chain data from CryptoQuant shows Bitcoin whales are steadily accumulating, bolstering the bullish case. Both small and large whale entities have increased their holdings, with balances rising even as BTC/USD approaches uncharted territory.
This accumulation trend aligns with ETF-driven buying, reinforcing expectations of further price gains as supply constraints intensify.
Fed Decisions and Macro Conditions in Focus
The Federal Reserve’s next steps on interest rates remain a wildcard for Bitcoin markets. After recent inflation data showed acceleration, fears of stagflation—rising prices coupled with unemployment—are clouding the economic outlook.
The FedWatch Tool currently places a 35% probability on a pause in rate cuts for December, with analysts predicting further rate reductions through 2025. Macro events this week, including earnings from Nvidia and U.S. unemployment data, may influence risk assets, including Bitcoin.
"Extreme Greed" Raises FOMO Concerns
Bitcoin’s rise has been accompanied by heightened social media hype, with speculation about $100K fueling mass "FOMO" (fear of missing out). Research from Santiment suggests that social media euphoria often coincides with market tops, signaling potential corrections.
The Crypto Fear & Greed Index hit 90/100 on November 17, nearing levels seen before prior market reversals. Analysts caution traders to remain vigilant, especially as sentiment-driven buying can lead to volatile price swings.
Bitcoin’s rally continues to break records, fueled by ETF inflows, whale activity, and macroeconomic shifts. As BTC/USD edges closer to $100K, traders should prepare for heightened volatility, balancing optimism with caution as "FOMO" takes hold.
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