BTC achieved its highest daily close in history on December 11, with six-figure price action making a strong comeback.

BTC/USDT Daily Chart

BTC/USD recently closed its daily candle at around $101,200. On Bitstamp, this matched the December 8th close, marking the highest recorded closing so far.

Bulls have managed to move away from the local lows of $94,000 seen earlier in the week. “The crucial level in Bitcoin is still defined,” said trader, analyst, and entrepreneur Michaël van de Poppe in his latest analysis on X.

“If the markets stay above that area, it’s likely that we’ll see new ATH’s in the coming days.”

Will Bitcoin Set a New ATH?

BTC/USDT 4-hour chart with RSI data. Source: Michaël van de Poppe/X

Market observers commenting noted that market stability has continued alongside Bitcoin’s recent journey to $100,000 and beyond.

“Bitcoin quietly achieved its highest daily close ever,” wrote Charles Edwards, founder of the quantitative Bitcoin and digital asset fund Capriole Investments, in a December 12th X post.

“Meanwhile funding rates are below normal, leverage still wiped and ETFs are seeing day after day of relentless inflows.”

Edwards referred to the clearing of leveraged positions resulting from the sudden market volatility seen this week and last.

Short positions felt the pressure during the rebound, and according to data from CoinGlass, 24-hour crypto liquidations reached a total of $270 million at the time of writing.

Liquidations Chart

Speculation on Bitcoin Futures

Bitcoin Futures Basis Comparison. Source: Zaheer Ebtikar/X

Zaheer Ebtikar, co-founder of the crypto fund Split Capital, shared additional data supporting the lack of excessive market risk. He noted that while Bitcoin approaches all-time highs, the futures basis remains unusually low.

Zaheer Ebtikar wrote, “I can’t explain to you how absolutely insane this image is.”

He shared this with his X followers, alongside an explanatory chart. The futures basis refers to the difference between spot and futures market prices, measured as a percentage of the spot price.

In Bitcoin bull markets, when all-time highs are reached, this difference can reach 30% or more, reflecting increased speculation about future BTC price growth.

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The post Bitcoin 15% Futures Basis Point Described as ‘Insane’! appeared first on Coin Engineer.

On November 22, Bitcoin reached an all-time high of $99,645, followed by a 7% correction that brought it down to $92,775. Although short-lived, this dip drew attention. Now trading at $94,600, analysts suggest this could be a healthy consolidation phase for Bitcoin.

Markus Thielen, CEO of 10x Research, stated, “Bitcoin is in a consolidation phase ahead of Thanksgiving. This process is critical to balance its overbought conditions.” He also noted that the Federal Reserve’s December interest rate decision could impact the market, but it would not alter the long-term bullish outlook.

BTC Markets analyst Charlie Sherry linked this dip to Bitcoin’s historical bull market patterns. Sherry remarked, “This correction is an opportunity for the market to consolidate gains and reduce leverage.” He suggested this movement could precede a major rally.

According to Polymarket data, Bitcoin has a 72% probability of surpassing $100,000 by the end of the year. Experts agree that this milestone is achievable, though short-term obstacles may arise.

CK Zheng, co-founder of ZX Squared Capital, echoed this optimism. Zheng stated, “This psychological resistance may lead some investors to take profits, but in the bigger picture, Bitcoin is likely to cross this threshold in a few months.”

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The post Is Bitcoin’s $93K Dip the Last Flush? appeared first on Coin Engineer.

Saylor emphasized his confidence in Bitcoin’s growth trajectory, citing reduced uncertainties and a favorable environment for cryptocurrencies:

“The biggest uncertainty was the U.S. elections. With that resolved, the market now has a clear direction. I don’t foresee any significant downturns in the short term.”

He also expressed hope for crypto-friendly regulations, anticipating supportive moves under the new SEC leadership.

Wall Street’s growing interest in cryptocurrencies also signals a major shift, according to Saylor:

“Trump’s victory and support from Wall Street are creating immense opportunities for Bitcoin. Giants like BlackRock are critical to the industry’s future. At MicroStrategy, we’ve announced a $42 billion investment plan to acquire as much Bitcoin as possible.”

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Saylor views Bitcoin not just as an investment but as a strategic asset, essential for the U.S. to lead in the digital era:

“America’s future lies in dominating the cyber realm. Bitcoin is the global reserve capital network, and we must lead in this space. This is why I fully support the strategic reserve initiative.”

Regarding Bitcoin’s price, he dismissed concerns about potential declines and remains confident about the $100,000 target:

“I don’t see a drop to $60K or $30K. The trend is upward. That’s why I’m preparing for a $100,000 party. I believe we’ll reach this level by November or December.”

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The post Michael Saylor: Bitcoin Will Reach $100K appeared first on Coin Engineer.

In a recent discussion, Edwards delved into the factors holding Bitcoin back from breaching the six-figure barrier. He began his analysis by highlighting the significant role of US Bitcoin ETFs. Since their mid-January launch, these ETFs have witnessed a remarkable 200% buy rate relative to newly minted Bitcoin. Despite Bitcoin’s price surging 50% to $71,000 since the ETF debut, many remain perplexed as to why prices haven’t climbed higher.

Edwards pointed to a challenging force the market is currently grappling with: long-term wallet selling. The share of ‘hodlers’ – individuals holding Bitcoin for over two years – in total supply has declined from an all-time high of 57% in December 2023 to 54% today. While a 3% drop may not seem substantial, it represents approximately 630,000 BTC, roughly 300% of the total amount bought by all US Bitcoin ETFs this year.

As observed in previous cycles, Edwards noted that selling into price rallies is a typical behavior. A significant portion of this selling is from Grayscale’s ETF transitioning to new ETFs, further amplifying the decline.

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Edwards then shifted his focus to the yet-unseen effects of the BTC halving. With the daily BTC issuance cut by 50% in April, he anticipates the gap between ETF consumption and mined Bitcoin to widen next year. He further pointed out that institutions’ review, signing, and allocation processes span across quarters, suggesting that large ETF inflows are likely still on the horizon.

Another crucial factor to consider, according to Edwards, is the time of year. June is typically a period of market lull, with many large asset managers adopting a risk-off stance.

Perhaps the most critical factor, as Edwards sees it, is the flat and slightly negative trend in USD Liquidity since Bitcoin’s March peak. When the liquidity tap tightens, risk assets face an uphill battle.

For a strong price surge, Edwards believes we need to see at least one of the following:

Higher average daily ETF buying

Lower long-term wallet selling

Growth in USD liquidity

Edwards concluded his analysis on an optimistic note, expecting these conditions to materialize in the coming months, potentially paving the way for Bitcoin to breach the elusive $100,000 barrier.

The post Why Bitcoin (BTC) Price Still Stuck Below $100K: Charles Edwards Explains appeared first on Coin Engineer.