- Despite a market-wide price drop early last week, the cryptocurrency market rebounded as Bitcoin closed the week at $102,800.
- Bitcoin has now reached a new all-time high of $106,000.
- Meanwhile, US spot crypto ETFs continue to record consecutive positive days of inflows.
bitcoin
Bitcoin has posted new highs of $106,400 since its drop last week to $94,000, driven largely by positive ETF inflows, as US Bitcoin Spot ETFs post another week of consecutively positive daily inflows.
From December 9 to 13, $2.17 billion flowed into the top 10 US BTC spot ETFs.
The current price action shows that Bitcoin has surpassed its previous high of $104,000 and is trading at $104,500 after reaching a new high of $106,600.
The Fed’s rate policy decision due on December 18 could significantly impact price action. Expectations are tough with more controlled cuts heading into next year, which could negatively impact risk assets like Bitcoin.
Price technicals support a hawkish stance as Bitcoin price could decline to capture liquidity at lower levels around $100,000.
Ethereum
The second-largest cryptocurrency recovered from a weekly low of $3,500 to a local high of $4,000. Unlike Bitcoin, it has not broken above the previous high formed at the $4,100 level.
Meanwhile, Ethereum spot ETF inflows remained positive over the past week, totaling $854.8 million.
Ethereum is trading at $3,950 at the time of this publication.
solarium
Unlike Bitcoin and Ethereum, which have rallied since last week, Solana price has declined since failing to close above its all-time high of $260 on the daily timeframe.
Price action in the intermediate time frames (H4/H1) shows rejection and selling from local supply zones that may continue to a logical demand zone at $160. Solana price will need to surpass $247 in the fourth half and eventually close above the all-time high on the daily time frame to resume its bullish movement.
Solana is trading at $214 at the time of this publication.
Vibe
Ripple price action has been incredibly bullish following its legal victories and expected changes to the US regulatory landscape. The cryptocurrency surpassed its previous all-time high of $1.99 and formed a new ATH of $2.90 on December 3rd.
The latest price action shows a pullback from the highs as the price formed a new local supply zone, rejected it and sold from it. A continuation of the current trend would see the price become liquid at the $1.90 level, while a reversal would take the price above $2.65.
Ripple is trading at $2.36 at the time of this publication.
