- Bitcoin reached an all-time high of $106,488 before stabilizing near $104,500.
- Whale transfers totaling over 8,000 BTC ($878.7M) indicate strong market activity
Bitcoin (BTC) soared to a new all-time high of $106,488.25 in early Asian hours before settling near $104,500. The surge came amid increased investor confidence but was tempered by caution surrounding the upcoming U.S. Federal Reserve (Fed) rate cut decision.
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 climbed 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.
Whales and Technicals Fuel Bitcoin’s Rally
Whale activity has further fueled Bitcoin’s movement. Recent on-chain 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.
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 bullish sentiment.
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 breakout 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.
