Bitcoin

Whalemap

when

Rekt

Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) hit flash volatility after the Dec. 17 Wall Street open as new all-time highs preceded a snap downturn.
<figure>
 <img alt="Bitcoin $108K all-time high lasts seconds as BTC price dives 2.4%" src="https://s3.cointelegraph.com/uploads/2024-12/0193d553-5fca-70e5-87fb-48cf80cecd54" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: Cointelegraph/TradingView
 </figcaption>
</figure>
<h2 id="bitcoin-erases-open-interest-with-red-candle">Bitcoin erases open interest with red candle</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> confirmed BTC/USD reached its highest-ever levels before diving over $2,000 in minutes.
The retracement sent the pair back to near the daily open, where it circled $106,000.
Eyeing likely support levels, onchain data platform Whalemap revealed key areas of accumulation by large-volume holders.
“More than 150k BTC of whale accumulations at $98,133 according to whale bubbles,” the Whalemap team <a data-ct-non-breakable="null" href="https://x.com/whale_map/status/1869033145489842394" rel="null" target="null" text="null" title="null">reported</a> in a post on X, referencing one of its proprietary analytics tools.&nbsp;
<blockquote>
 “Should be a support on the way down.”
</blockquote>
<figure>
 <img alt="Bitcoin $108K all-time high lasts seconds as BTC price dives 2.4%" src="https://s3.cointelegraph.com/uploads/2024-12/0193d54e-6096-76fa-90a3-4ca06727ebe2" title="">
 <figcaption style="text-align: center;">
 BTC/USD whale clusters. Source: Whalemap/X
 </figcaption>
</figure>
The downturn pierced what had previously been record-high open interest (OI) of over $70 billion. Data from monitoring resource <a data-ct-non-breakable="null" href="https://www.coinglass.com/BitcoinOpenInterest" rel="null" target="null" text="null" title="null">CoinGlass</a> showed around $1.3 billion in positioning eradicated.
<figure>
 <img alt="Bitcoin $108K all-time high lasts seconds as BTC price dives 2.4%" src="https://s3.cointelegraph.com/uploads/2024-12/0193d54f-18ac-76b7-9fd3-7822b164f5d7" title="">
 <figcaption style="text-align: center;">
 Exchange Bitcoin futures OI (screenshot). Source: CoinGlass
 </figcaption>
</figure>
“It’s becoming increasingly difficult to find reasons to be bearish on Bitcoin’s spot price,” trading firm QCP Capital commented in its latest post to Telegram channel subscribers. 
<blockquote>
 “However, the options market offers a note of caution, with a continued skew toward puts over calls even as spot continue to make new highs—perhaps signaling a preference for hedging rather than aggressively chasing the rally.”
</blockquote>
Taking a longer-term view, popular trader trader Josh Rager was among those unfazed by price action.
“Stop freaking out about every pullback for the entire crypto market whether $BTC, $ETH, $SOL, memes etc,” he <a data-ct-non-breakable="null" href="https://x.com/Rager/status/1869045382938013748" rel="null" target="null" text="null" title="null">reacted</a>.
<blockquote>
 “It’s healthy. Everything should be higher over the next 3 to 6 months. Now until summer in 2025 should be the time to be exposed.”
</blockquote>
<h2 id="btc-price-dip-could-wipe-multiple-weeks-of-upside">BTC price dip could wipe “multiple weeks of upside”</h2>
While many expected upside continuation to take Bitcoin toward $120,000, trader and analyst Rekt Capital warned that the time may have come for a deeper correction.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/crypto-eating-tradfi-lunch-coinbase-revenue-beats-nasdaq" rel="null" target="null" text="null" title="null">Crypto 'eating TradFi's lunch' as $5.75B Coinbase revenue beats Nasdaq</a>
The reason, he told X followers on the day, was historical precedent.
“It’s Week 7,” a post <a data-ct-non-breakable="null" href="https://x.com/rektcapital/status/1869042388070457757" rel="null" target="null" text="null" title="null">summarized</a>, referring to the time BTC/USD has spent in price discovery since breaking its old all-time highs.
<blockquote>
 “In 2013, Bitcoin pulled back in Week 7 of Price Discovery. In 2017, Bitcoin retraced -34% in Week 8 of Price Discovery. In 2021, Bitcoin pulled back -16% in Week 6.”
</blockquote>
Rekt Capital added that the timing of the pullback was comparatively unimportant.
“It’s more important to be prepared for when it does occur,” he reasoned.
<blockquote>
 “Because when it does occur, it will wipe out multiple weeks of upside in the process.”
</blockquote>
<figure>
 <img alt="Bitcoin $108K all-time high lasts seconds as BTC price dives 2.4%" src="https://s3.cointelegraph.com/uploads/2024-12/0193d550-34cc-7d37-9ad9-990d4ff1a5ab" title="">
 <figcaption style="text-align: center;">
 Bitcoin bull market drawdowns. Source: <a data-ct-non-breakable="null" href="https://studio.glassnode.com/charts/bf532ce2-a66b-4798-6deb-bf3ba7decc59" rel="nofollow noopener" target="_blank" text="null" title="https://studio.glassnode.com/charts/bf532ce2-a66b-4798-6deb-bf3ba7decc59">Glassnode</a>
 </figcaption>
</figure>
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 $108K all-time high lasts seconds as BTC price dives 2.4%

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