Originally published on: December 12, 2024
Bitcoin bulls continued to drive the price of BTC higher, reaching within 1% of new all-time highs on December 12. Whales in the market were actively consuming sell-side liquidity, pushing BTC/USD to $102,000 after the Wall Street open.
The 4-hour chart for BTC/USD showed significant strength as the cryptocurrency built on the previous day’s gains, with a green daily candle of nearly $5,000. Material Indicators highlighted the resurgence of large-volume traders, indicating that whales were once again making significant market orders.
While sell-side pressure remained high, there were signs of potential upside as passive buyers continued to support the market. However, onchain data suggested that short-term holder profitability needed to cool for sustainable price growth.
Bitcoin appeared resilient to the U.S. inflation surprise from the Producer Price Index (PPI), which exceeded expectations at 3.0% for November. This unexpected inflation rise raised concerns about stagflation, with market commentators questioning the future economic outlook.
Looking ahead, the odds of the Federal Reserve cutting interest rates at its next meeting were high, reflecting the uncertainty in the market. As always, it is essential for investors to conduct thorough research and analysis before making any investment decisions.
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