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BTC
$93,165
9.73%
ETH
$3,203.49
15.28%
USDT
$0.9983
0.10%
BNB
$634.46
10.37%
XRP
$2.08
14.73%
SOL
$182.11
15.00%
DOGE
$0.2829
28.76%
USDC
$1.00
0.06%
STETH
$3,197.50
15.09%
ADA
$0.8004
21.95%
TRX
$0.2342
12.85%
WBTC
$96,845.66
5.97%
AVAX
$35.17
21.88%
LINK
$20.89
20.11%
TON
$4.95
10.21%
SHIB
$0.00001972
23.00%
DOT
$6.35
20.52%
LEO
$9.14
0.75%
BCH
$404.55
19.78%
NEAR
$4.74
21.10%
BTC
$93,165
9.73%
ETH
$3,203.49
15.28%
USDT
$0.9983
0.10%
BNB
$634.46
10.37%
XRP
$2.08
14.73%
SOL
$182.11
15.00%
DOGE
$0.2829
28.76%
USDC
$1.00
0.06%
STETH
$3,197.50
15.09%
ADA
$0.8004
21.95%
TRX
$0.2342
12.85%
WBTC
$96,845.66
5.97%
AVAX
$35.17
21.88%
LINK
$20.89
20.11%
TON
$4.95
10.21%
SHIB
$0.00001972
23.00%
DOT
$6.35
20.52%
LEO
$9.14
0.75%
BCH
$404.55
19.78%
NEAR
$4.74
21.10%
BTC
$93,165
9.73%
ETH
$3,203.49
15.28%
USDT
$0.9983
0.10%
BNB
$634.46
10.37%
XRP
$2.08
14.73%
SOL
$182.11
15.00%
DOGE
$0.2829
28.76%
USDC
$1.00
0.06%
STETH
$3,197.50
15.09%
ADA
$0.8004
21.95%
TRX
$0.2342
12.85%
WBTC
$96,845.66
5.97%
AVAX
$35.17
21.88%
LINK
$20.89
20.11%
TON
$4.95
10.21%
SHIB
$0.00001972
23.00%
DOT
$6.35
20.52%
LEO
$9.14
0.75%
BCH
$404.55
19.78%
NEAR
$4.74
21.10%
BTC
$93,165
9.73%
ETH
$3,203.49
15.28%
USDT
$0.9983
0.10%
BNB
$634.46
10.37%
XRP
$2.08
14.73%
SOL
$182.11
15.00%
DOGE
$0.2829
28.76%
USDC
$1.00
0.06%
STETH
$3,197.50
15.09%
ADA
$0.8004
21.95%
TRX
$0.2342
12.85%
WBTC
$96,845.66
5.97%
AVAX
$35.17
21.88%
LINK
$20.89
20.11%
TON
$4.95
10.21%
SHIB
$0.00001972
23.00%
DOT
$6.35
20.52%
LEO
$9.14
0.75%
BCH
$404.55
19.78%
NEAR
$4.74
21.10%
USD

Ad
William Suberg
Dec 17, 2024


BITCOIN $108K ALL-TIME HIGH LASTS SECONDS AS BTC PRICE DIVES 2.4%

Bitcoin runs into fresh volatility as analysts warn that “multiple weeks” of BTC
price upside may be at stake.

10063 Total views
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Bitcoin BTC $93,165 hit flash volatility after the Dec. 17 Wall Street open as
new all-time highs preceded a snap downturn.

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView


BITCOIN ERASES OPEN INTEREST WITH RED CANDLE

Data from Cointelegraph Markets Pro and TradingView 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 reported in a post on X, referencing one of its
proprietary analytics tools. 

> “Should be a support on the way down.”

BTC/USD whale clusters. Source: Whalemap/X


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The downturn pierced what had previously been record-high open interest (OI) of
over $70 billion. Data from monitoring resource CoinGlass showed around $1.3
billion in positioning eradicated.

Exchange Bitcoin futures OI (screenshot). Source: CoinGlass

“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.

> “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.”

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 reacted.

> “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.”


BTC PRICE DIP COULD WIPE “MULTIPLE WEEKS OF UPSIDE”

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: Crypto 'eating TradFi's lunch' as $5.75B Coinbase revenue beats Nasdaq

The reason, he told X followers on the day, was historical precedent.

“It’s Week 7,” a post summarized, referring to the time BTC/USD has spent in
price discovery since breaking its old all-time highs.

> “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.”

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.

> “Because when it does occur, it will wipe out multiple weeks of upside in the
> process.”

Bitcoin bull market drawdowns. Source: Glassnode

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.

Explore more articles like this

Subscribe to the Markets Outlook newsletter

Get critical insights to spot investment opportunities, mitigate risks, and
refine your trading strategies. Delivered every Monday


Subscribe

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 * #Bitcoin
 * #Bitcoin Price
 * #Markets
 * #Market Analysis


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 * How low can the Bitcoin price go?
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