Bitcoin

Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) came within 1% of new all-time highs on Dec. 12 as whales ate away at sell-side liquidity.
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 <img alt="Bitcoin Price, Markets, Market Analysis" src="https://s3.cointelegraph.com/uploads/2024-12/0193bbdc-e163-79ec-a771-70ecf4f911b0" title="">
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 BTC/USD 4-hour chart. Source: Cointelegraph/TradingView
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<h2 id="btc-price-comeback-eyes-all-time-highs">BTC price comeback eyes all-time highs</h2>
Data from <a data-ct-non-breakable="null" href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="null" target="null" text="null" title="null">Cointelegraph Markets Pro</a> and <a data-ct-non-breakable="null" href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" rel="null" target="null" text="null" title="null">TradingView</a> showed BTC/USD returning to $102,000 after the Wall Street open.
Bitcoin <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-futures-insane-btc-price-record-daily-close" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-futures-insane-btc-price-record-daily-close">built on strength from the day prior</a>, which saw a green daily candle of nearly $5,000.
Analyzing the latest movements, trading resource Material Indicators put the spotlight on large-volume traders.
“FireCharts binned CVD shows that whales are back to making whale sized market orders,” it <a data-ct-non-breakable="null" href="https://x.com/MI_Algos/status/1867227934836072700" rel="null" target="null" text="null" title="null">wrote</a> in a post on X, referring to one of its proprietary trading tools.&nbsp;
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 “Now that BTC has reached deeper concentrations of ask liquidity, whales can make those larger market orders without the slippage they would have endured over the previous 2 days when price was moving through a range with thinner liquidity.”
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 <img alt="Bitcoin bulls ignore PPI shock as whales fuel BTC price run to $102K" src="https://s3.cointelegraph.com/uploads/2024-12/0193bbd7-089d-7740-8aa5-810366d66034" title="">
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 BTC/USDT order book liquidity for Binance with whale volume. Source: Material Indicators/X
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An accompanying chart showed increases and decreases in volume for various whale cohorts and liquidity levels for the BTC/USDT pair on the largest global exchange, Binance.
Popular trader Skew nonetheless noted that overall, sell-side pressure remained sufficiently intense to “limit” potential BTC price upside.
“As long as passive buyers continue to slurp we break up eventually,” he <a data-ct-non-breakable="null" href="https://x.com/52kskew/status/1867222755349016772" rel="null" target="null" text="null" title="null">told</a> X followers.
Striking a more cautious tone, onchain data account The Bitcoin Researcher argued that short-term holder profitability needed to cool in order for price growth to remain sustainable.&nbsp;
This was measured using the market value to realized value (MVRV) metric for Bitcoin’s short-term holders (STHs) — speculative entities hodling a given unit of BTC for up to 155 days.
“I’d like to see the Short-Term Holder MVRV return closer to its baseline,” an X post <a data-ct-non-breakable="null" href="https://x.com/ResearchBTCNow/status/1867233044874309986" rel="null" target="null" text="null" title="null">explained</a> on the day.&nbsp;
<blockquote>
 “A rising price without STH-MVRV reset often signals an impending market top—rarely sustainable for long. Reset or not, both outcomes provide clear, but opposite, on-chain signals.”
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 <img alt="Bitcoin bulls ignore PPI shock as whales fuel BTC price run to $102K" src="https://s3.cointelegraph.com/uploads/2024-12/0193bbd7-b95a-7d56-8bec-99391909b2f3" title="">
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 Bitcoin STH-MVRV chart. Source: The Bitcoin Researcher/X
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<h2 id="inflation-data-fails-to-dampen-bitcoin-momentum">Inflation data fails to dampen Bitcoin momentum</h2>
Bitcoin shrugged off a United States inflation surprise in the form of the Producer Price Index (PPI), which beat expectations to come in at 3.0% for November.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-choppiness-index-110k-btc-price-tough" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-choppiness-index-110k-btc-price-tough">Bitcoin ‘Choppiness’ index hints $110K BTC price will be tough to crack</a>
Unlike the previous day’s Consumer Price Index (CPI) print, which matched forecasts, PPI showed inflation making what trading resource The Kobeissi Letter <a data-ct-non-breakable="null" href="https://x.com/KobeissiLetter/status/1867200745671377073" rel="null" target="null" text="null" title="null">described</a> as a “comeback.”
“Has the era of stagflation begun?” it <a data-ct-non-breakable="null" href="https://x.com/KobeissiLetter/status/1867245625579843674" rel="null" target="null" text="null" title="null">queried</a> in one of various X analytics posts.
As <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-100k-by-thanksgiving-bulls-hold-key-level" rel="null" target="null" text="null" title="null">Cointelegraph reported</a>, stagflation already forms a topic for market commentators in the face of rising inflation coupled with labor market weakness.&nbsp;
After PPI, the latest data from CME Group’s <a data-ct-non-breakable="null" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" rel="null" target="null" text="null" title="null">FedWatch Tool</a> put the odds of the Federal Reserve cutting interest rates by 0.25% at its next meeting on Dec. 18 at over 98%.
<figure>
 <img alt="Bitcoin bulls ignore PPI shock as whales fuel BTC price run to $102K" src="https://s3.cointelegraph.com/uploads/2024-12/0193bbd8-5807-7026-a3d4-a2f4d77fa36c" title="">
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 Fed target rate probabilities. Source: CME Group
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin bulls ignore PPI shock as whales fuel BTC price run to $102K

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