thenewscrypto.com
- Bitcoin reached a new ATH of $99,655, with November gains at 40.8%.
- US spot Bitcoin ETFs added over $30B in inflows, led by BlackRock’s $2.05B purchase.
Bitcoin (BTC) reached a new all-time high of $99,655.50, edging closer to the $100,000 mark. Although the price slightly dipped to $98,515 today, Bitcoin has posted its largest monthly gain ever, surging over 40.8% in November. This growth reflects increasing optimism in the broader crypto market. Over the past 15 hours, 1.38B $USDT has flowed from Tether to exchanges.
The total global crypto market cap has risen to $3.35 trillion, with Bitcoin dominating at $1.95 trillion. Daily trading volume for Bitcoin reached $73.14 billion, while the entire crypto market traded $222.62 billion in the last 24 hours.
Notably, US spot Bitcoin ETFs recorded cumulative inflows exceeding $30 billion, marking their largest weekly net inflow since launch. BlackRock alone added 21,304 BTC, worth $2.05 billion, to its holdings this week. The firm now holds 492,633 BTC, valued at $48.62 billion.
Bitcoin’s technical chart indicates strong bullish momentum. The current support level lies at $85,216, while resistance at $99,000 is in focus. If BTC breaks above $99,000, it could reach $105,000 in the short term. Conversely, a breakdown below $85,000 may trigger a decline toward $80,000.
The Relative Strength Index (RSI) is at 78.95, signaling overbought conditions. The RSI average at 80.88 further confirms Bitcoin’s current bullish trend. However, overbought signals suggest caution for potential profit-taking.
The chart also highlights a bullish crossover of the 9-day and 21-day moving averages. This crossover indicates continued upward momentum, reinforcing the bullish outlook for Bitcoin.
Broader Market Rally
Bitcoin’s 60% rally since the US election day reflects strong investor confidence. The crypto market has gained over $800 billion since early November, benefiting from increased institutional interest. ETFs have experienced record inflows, with BlackRock driving the surge in demand.
Despite the minor dip today, Bitcoin remains poised for further growth. If it crosses the $100,000 psychological barrier, it may attract additional institutional and retail investors. However, traders should monitor key levels and indicators to manage risks effectively.