On December 11, Bitcoin hit a historic milestone, closing above $17K for a new high daily close. Despite little market speculation in futures markets, experts predict this could open the door to new all-time highs in the days to come.
On December 11, Bitcoin’s price peaked when BTC/USD on Bitstamp closed around $101,200, TradingView. It was “Bitcoin Breaks Barriers: Stability Sparks Hope for Record Highs”
The cryptocurrency’s highest closing price on a single day and followed lows of $94,000 earlier this week.
Market analysts said Bitcoin’s surge past $100,000 was accompanied by remarkable stability. In a post on X (formerly Twitter), Charles Edwards, founder of Capriole Investments, emphasized that Bitcoin’s climb to its record daily close has gone unnoticed.
The crucial level is still defined on $BTC.
If the markets stay above that area, it's likely that we'll see new ATH's in the coming days. pic.twitter.com/YpHD3ngOUg
— Michaël van de Poppe (@CryptoMichNL) December 12, 2024
Bitcoin Stability Highlights Potential for Sustained Market Growth
On December 12, Edwards tweeted: “Bitcoin quietly had its highest daily close ever.”
Notably, it is so stable, given the recent turbulence in the market. The market has been reshaped repeatedly, with repeated liquidations of leveraged positions, to make Bitcoin’s growth more measured and sustainable.
As Bitcoin surges to six figures, futures markets are spotlighted for their behaviour. Zaheer Ebtikar, the co-founder of Split Capital, often flags unusually low futures.
Ebtikar shared a chart showing the rarity of this state of affairs (that he describes as “I can’t explain to you how insane this image is”) to again point out the anomaly we’re in.
“Meanwhile, funding rates are below normal, leverage still wiped, and ETFs are seeing daily relentless inflows.”
In the past, a basis greater than 30% usually accompanied bull markets and new all-time highs in Bitcoin, proxying the perceived desire for the price to go higher. In this case, however, the metric is somewhat subdued, which indicates that excess speculative action has not been detected.
Since there have been large liquidations, the market has been moving to a more stable footing. Crypto liquidations through CoinGlass totalled $270 million over the past 24 hours, while short positions were hammered as Bitcoin’s price bounced back.
Trader, analyst and commentator Michaël van de Poppe underscored the importance of key support levels in deciding what Bitcoin might do next. “The whole thing is still at the crucial level on $BTC,” he said in his latest analysis on X, where Bitcoin’s pace depends on preserving these technical passages.
Current market conditions have bolstered optimism about Bitcoin’s near-term future. Given the cryptocurrency’s robust performance and absence of speculative excess, analysts predict that new all-time highs could materialise in days.
Bitcoin’s new accomplishments sharply demonstrate its endurance and growing power, no matter how the markets fluctuate. The stage for Bitcoin to solidify its dominance in the cryptocurrency market is set, and traders and investors are all waiting for the next milestone.
Key Data Points:
- Record Daily Close: $101,200 (Bitstamp, Dec. 11)
- Earlier Weekly Low: $94,000
- 24-Hour Liquidations: $270 million (CoinGlass)
- Futures Basis: Despite all-time highs, the remains remain unusually low.
As Bitcoin evolves, everything in the cryptocurrency landscape is changing, so it’s the Bitcoin everyone’s watching.
