Gemini

bullish

Major

Bitcoin

<ul>
 <li>Bitcoin trades at $99,646 with a $1.97 trillion market cap and $83B in 24-hour trading volume.</li>
 <li>Whale accumulation hits $2 billion, signaling strong institutional interest.</li>
</ul>
Bitcoin (BTC) currently trades at $99,646.29, marking a 1.38% increase in the past 24 hours. Its market cap stands at $1.97 trillion, with a 4.23% volume-to-market cap ratio. Trading volume surged by 32.01% over 24 hours, reaching $83.23 billion.&nbsp;
Whale accumulation remains strong as 20,000 BTC, <a href="https://x.com/ali_charts/status/1865163224993153467" target="_blank" rel="noopener noreferrer nofollow">valued</a> at $2 billion, were purchased within the same period.&nbsp; Bitcoin’s market cap soars to $2 trillion, making it the 7th largest asset globally. Bitcoin spot ETFs reported significant inflows of $377 million on December 6.
<a href="https://thenewscrypto.com/blackrock-spot-bitcoin-etf-hits-50b-aum-holds-over-500k-btc/" target="_blank" rel="noopener noreferrer nofollow">BlackRock’s</a> ETF IBIT led with $257 million per day, followed by Fidelity’s FBTC at $120 million daily. The total net inflow for spot ETFs continued for seven consecutive days. Short-term holders highlight the critical level of $112,926 as the next potential local top, calculated as one standard deviation above their cost basis.
On-chain metrics revealed notable <a href="https://x.com/whale_alert/status/1865293793085342004" target="_blank" rel="noopener noreferrer nofollow">whale</a> transactions. Over 1,012 BTC worth $101.7 million moved between unknown wallets. Another 2,024 BTC, valued at $205.6 million, followed. Transfers included 553 BTC ($56.1 million) from PayPal wallets and 771 BTC ($76.6 million) from Gemini to Coinbase. These activities suggest increased liquidity and strategic positioning.
<h3 class="wp-block-heading" id="h-will-btc-sustain-it-s-bullish-momentum">Will BTC Sustain It’s Bullish Momentum?</h3>
The chart indicates Bitcoin faces resistance near $105,000 and support around $95,000. If the price breaks above $105,000, it could target $112,000. A fall below $95,000 might test $90,000 as the next support.
<figure class="wp-block-image size-large">
 <img loading="lazy" width="1024" height="472" src="https://thenewscrypto.com/wp-content/uploads/2024/12/BTCUSD_2024-12-07_13-26-13-1024x472.png" alt="">
</figure>
The Relative Strength Index (RSI) reads 66.4, signaling strong momentum but approaching overbought levels. The RSI average hovers near 63, suggesting a slightly bullish market sentiment.
The 9-day moving average (MA) stands at $97,559, while the 21-day MA is $95,946. A bullish crossover occurred earlier, where the shorter-term MA moved above the longer-term MA, pointing to a potential upward trend. However, the price consolidates near its peak, indicating caution for traders.
Bitcoin’s <a href="https://thenewscrypto.com/worldcoin-wld-surges-25-to-4-17-amidst-bullish-momentum/" target="_blank" rel="noopener noreferrer nofollow">bullish</a> momentum aligns with rising ETF inflows and whale activity. While resistance at $105,000 could limit gains, breaking above this level may open a path to $112,000. If current support levels fail, prices could retreat toward $90,000. With sustained demand from institutions and retail traders, Bitcoin’s outlook remains positive.&nbsp;
Highlighted Crypto News Today <a href="https://thenewscrypto.com/xdc-and-archax-partnership-lead-to-30-xdc-price-surge/" target="_blank" rel="noopener noreferrer nofollow">XDC and ArchaX Partnership Lead to 30% XDC Price Surge</a>

Is Bitcoin (BTC) Poised for a Major Bullish Breakout?

Table of Contents

TheNewsCrypto

Other articles published on Dec 7, 2024

XRP and ADA eye $3, analysts pick this altcoin for breakout potential

Best Meme Coins to Invest in for Long Term: BTFD Coin, Floki Inu, and Bonk in the Spotlight

Qubetics’ $4.6M Presale Is One of the Best Cryptos to Invest in Right Now, Ethereum and Stellar o...

These 5 bullish altcoins have the potential to turn a $1K investment into $5M by 2025

DeFi lending on Bitcoin-based Liquidium hits new high as BTC powers above $100k

Bitcoin $100K: The Journey of the World’s First Cryptocurrency

Join our free newsletter for daily crypto updates!