Bitcoin ETF

Wednesday

Bitcoin

<p><a href="https://coinpedia.org/price-analysis/bitcoin-price-prediction-today-12th-dec-2024/" target="_blank" rel="noreferrer noopener">Bitcoin (BTC)</a> saw a more than 5% rise on Wednesday after bouncing back from a key support range between $94.3k and $96.6k earlier in the week. The cryptocurrency then revisited its previous all-time high (ATH) range of $101,219 to $101,998 before slightly retracing. By Thursday, December 12, during the mid-London session, Bitcoin was trading around $100,780.</p>   
<p>Bitcoin’s Futures Open Interest (OI) rose by 6%, reaching approximately $62.8 billion at the time of this report. Despite recent heavy liquidations in the leveraged market, Bitcoin’s funding rate has dropped below its recent average.</p>   
<h2 class="wp-block-heading" id="h-bitcoin-supply-is-declining">Bitcoin Supply Is Declining </h2>   
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<p>The supply of Bitcoin on <a href="https://coinpedia.org/exchange/" target="_blank" rel="noreferrer noopener">centralized exchanges (CEXes)</a> has dropped sharply over the past year, driven by growing demand from institutional investors. In the last 30 days alone, the supply of Bitcoin on CEXes fell by about 120,000 BTC, leaving around 2.23 million BTC available at the time of writing.</p>   
<p class="has-background" style="background-color:#e9f0ff"><strong>As more institutions adopt Bitcoin, its market potential grows. Read our&nbsp;<a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">Bitcoin price prediction</a>&nbsp;for expert insights on what’s next!</strong></p>   
<p>As institutional interest in Bitcoin increases, its market potential continues to expand. Market data from <a href="https://cryptoquant.com/" target="_blank" rel="noreferrer noopener">Cryptoquant</a> shows that long-term investors have been investing about $80 billion into Bitcoin each month over the past year. These recent capital inflows have significantly outpaced Bitcoin’s funding over the last 15 years.</p>   
<p><strong>Whale Activity and US Bitcoin ETFs</strong></p>   
<p>Whale investors are also <a href="https://coinpedia.org/news/microstrategy-bitcoin-holdings-now-worth-40b-as-bitcoin-hits-103k/" target="_blank" rel="noreferrer noopener">accumulating Bitcoin</a> in anticipation of the U.S. approving a strategic BTC reserve. According to the latest data, <a href="https://coinpedia.org/crypto-live-news/bitcoin-etf-records-10-days-of-inflow-grayscale-breaks-its-outflow-streak/" target="_blank" rel="noreferrer noopener">U.S. spot Bitcoin ETFs</a> saw a net cash inflow of around $223 million on Wednesday, bringing the cumulative total to approximately $34.58 billion.</p>   [post_titles_links postid="392182"]   
<h2 class="wp-block-heading" id="h-what-technicals-tell-us">What Technicals Tell Us </h2>   
<p>Looking at the technical side, Bitcoin’s price is showing mixed signals. On the daily chart, Bitcoin has formed a potential double top pattern, combined with a bearish divergence on the daily <a href="https://coinpedia.org/traders/what-is-relative-strength-index-rsi/" target="_blank" rel="noreferrer noopener">Relative Strength Index (RSI)</a>, which suggests a possible correction in the short term.</p>   
<p>If Bitcoin manages to close consistently above $102k in the coming weeks, it could target $120k, in line with the 0.618 daily <a href="https://coinpedia.org/traders/what-is-fibonacci-extension/" target="_blank" rel="noreferrer noopener">Fibonacci extension</a>. However, Bitcoin may also retrace toward the support level above $85k before the bullish trend resumes into early next year.</p>   [article_inside_subscriber_shortcode title="Never Miss a Beat in the Crypto World!" description="Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more." category_name="News" category_id="6"]   
<p><strong>The balance between bullish potential and market corrections makes Bitcoin's journey one to watch closely in the coming months</strong>.</p>   
<h2 class="wp-block-heading" id="h-faqs">FAQs</h2>   
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 <div class="schema-faq-section" id="faq-question-1733998915815">
  <strong class="schema-faq-question"><strong>How do Bitcoin ETFs impact BTC price movements?</strong></strong> 
  <p class="schema-faq-answer">Bitcoin ETFs attract institutional investments, increasing demand and reducing supply, often driving BTC prices higher.</p> 
 </div> 
 <div class="schema-faq-section" id="faq-question-1733998937395">
  <strong class="schema-faq-question">What is the future outlook for Bitcoin price after $100k?</strong> 
  <p class="schema-faq-answer">BTC may target $120k if it breaks $102k resistance or retrace to $85k support before resuming its bullish trend in 2024.</p> 
 </div> 
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Bitcoin ETF Inflows Boost Market as BTC Price Eyes $120K Target

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