Rally

Fuel

Bitcoin

Reserve

<ul class="wp-block-list"> 
 <li>Bitcoin reached an all-time high of $106,488 before stabilizing near $104,500.</li> 
 <li>Whale transfers totaling over 8,000 BTC ($878.7M) indicate strong market activity</li> 
</ul> 
Bitcoin (BTC) soared to a new all-time high of $106,488.25 in early Asian hours before settling near $104,500. The <a href="https://www.tradingview.com/chart/xTeB2FRP/?symbol=CRYPTO%3ABTCUSD" target="_blank" rel="noreferrer noopener nofollow">surge</a> came amid increased investor confidence but was tempered by caution surrounding the upcoming U.S. Federal Reserve (Fed) rate cut decision.&nbsp; 
Bitcoin currently trades at $104,649, up 2.34% in the last 24 hours, with a market cap of $2.07 trillion. The asset’s 24-hour trading volume stands at $62.11 billion, reflecting a sharp 61.51% increase. With a total supply of 19.79 million BTC and a fully diluted valuation (FDV) of $2.19 trillion, investor optimism remains strong. 
The global crypto market cap <a href="https://coinmarketcap.com/" target="_blank" rel="noreferrer noopener nofollow">climbed</a> to $3.69 trillion, marking a 1.52% increase in 24 hours. Trading volume surged 24.18% to $159.02 billion, signaling heightened market activity. The Fed is expected to reduce borrowing costs by 25 basis points to the 4.25%-4.5% range, marking a 100 basis-point easing since September. However, concerns persist that the Fed’s commentary may dampen hopes for further rate cuts, potentially limiting Bitcoin’s bullish momentum. 
<h3 class="wp-block-heading" id="h-whales-and-technicals-fuel-bitcoin-s-rally">Whales and Technicals Fuel Bitcoin’s Rally</h3> 
Whale activity has further fueled Bitcoin’s movement. Recent <a href="https://x.com/whale_alert" target="_blank" rel="noreferrer noopener nofollow">on-chain</a> data reveals significant transfers, including 1,503 BTC ($157.4 million) and 500 BTC ($52.3 million) from Antpool to unknown wallets. Additionally, 1,520 BTC ($159.2 million) returned to Antpool, alongside multiple transfers between unknown wallets. 
&nbsp;A 4,998 BTC ($509.8 million) transaction between unknown wallets highlights large-scale accumulation. Binance and Bybit also witnessed 500 BTC and 1,000 BTC outflows, suggesting ongoing whale activity as Bitcoin tests key price levels. 
Technical indicators provide a clearer outlook for Bitcoin’s future movement. The Relative Strength Index (RSI) stands at 68.38, nearing overbought territory, while the RSI average at 64.35 indicates sustained <a href="https://thenewscrypto.com/is-ethena-ena-price-surge-signaling-a-bullish-breakout/" target="_blank" rel="noreferrer noopener">bullish</a> sentiment.&nbsp; 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="472" src="https://thenewscrypto.com/wp-content/uploads/2024/12/BTCUSD_2024-12-16_08-58-58-1024x472.png" alt="" class="wp-image-118043" srcset="https://thenewscrypto.com/wp-content/uploads/2024/12/BTCUSD_2024-12-16_08-58-58-1024x472.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/12/BTCUSD_2024-12-16_08-58-58-300x138.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/12/BTCUSD_2024-12-16_08-58-58-768x354.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/12/BTCUSD_2024-12-16_08-58-58-1536x708.png 1536w, https://thenewscrypto.com/wp-content/uploads/2024/12/BTCUSD_2024-12-16_08-58-58.png 1814w" sizes="auto, (max-width: 1024px) 100vw, 1024px">
</figure> 
If buying pressure continues, Bitcoin could maintain momentum. The moving average (MA) crossovers, with the 9-day MA at $100,952.24 above the 21-day MA at $98,599.11, confirm a strong bullish trend. This crossover signals potential for further upside if Bitcoin breaks through immediate resistance levels. 
The current resistance sits at $106,500, with a <a href="https://thenewscrypto.com/whales-succeed-in-driving-ondo-price-breakout-as-token-hits-2/" target="_blank" rel="noreferrer noopener">breakout</a> possibly pushing Bitcoin toward $110,000. On the downside, support lies at $100,000, and a breach could trigger a pullback to $95,000. Traders will monitor the Fed decision closely, as dovish signals could propel Bitcoin to new highs.

Bitcoin Hits a New ATH $106K as Fed Rate Cut Speculation Builds

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