From $100K to $146K? Bitcoin’s Ceiling Price Potential

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Bitget Academy2024/12/06 05:49

By:Bitget Academy

Bitcoin recently surged past the $100,000 milestone, hitting a new all-time high of $104,630 on December 5, 2024. This 9% rally was fueled by multiple factors, including the appointment of former SEC commissioner Paul Atkins as SEC chair and significant inflows into spot Bitcoin ETFs, totaling $556.8 million.

Retail investor activity has also played a key role, with 30-day demand hitting its highest level since 2020. Analyst insights suggest this heightened engagement, combined with institutional interest, could drive sustained momentum. U.S. demand is particularly strong, evidenced by consistent buying pressure on Coinbase, marking its longest streak since March 2024.

CryptoQuant's CEO, Ki-Young Ju, highlighted Bitcoin’s "ceiling price," which has risen from $129,000 to $146,000, reflecting increased market demand. However, analysts warn of potential corrections to flush out overleveraged trades, advising investors to prepare for dips. Immediate price targets are set at $105,000 and $111,000, with the Relative Strength Index (RSI) indicating room for a slight push before a potential correction.

Despite breaching six figures, Bitcoin remains in a price discovery phase, signaling both opportunities and risks for traders.

Source: Cointelegraph

Futures Market Updates

In the past 24 hours, BTC futures experienced a decline in open interest (-5.38%) but saw a sharp increase in trading volume (+19.34%), indicating heightened market activity despite reduced positions. ETH futures, in contrast, showed a modest rise in open interest (+1.44%) but a notable drop in trading volume (-9.54%), suggesting slower trading activity but increased commitment to positions. BTC liquidations were significantly higher than ETH, particularly on the long side ($420.88M vs. $67.42M), reflecting greater volatility. Both markets had similar long/short ratios, with slightly more short positions, but ETH's funding rate (0.0380%) was higher than BTC's (0.0113%), signaling stronger demand for leveraged ETH longs.

BTC Futures Updates

Total BTC Open Interest: $61.19B (-5.38%)

BTC Volume (24H): $169.62B (+19.34%)

BTC Liquidations (24H): $420.88M (Long)/$75.08M (Short)

Long/Short Ratio: 48.62%/51.38%

Funding Rate: 0.0113%

Ether Futures Updates

Total ETH Open Interest: $26.47B (+1.44%)

ETH Volume (24H): $72.20B (-9.54%)

ETH Liquidations (24H): $67.42M (Long)/$19.00M (Short)

Long/Short Ratio: 48.26%/51.74%

Funding Rate: 0.0380%

Top 3 OI Surges

FIO: $11.68M (+109.10%)

MORPHO: $58.73M (+109.08%)

ORCA: $3.42M (+101.53%)

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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