Bitcoin bulls ignore PPI shock as whales fuel BTC price run to $102K
2024-12-13
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Bitcoin BTCUSD came within 1% of new all-time highs on Dec. 12 as whales ate away at sell-side liquidity.
BTC price comeback eyes all-time highs
Data from Cointelegraph Markets Pro and TradingView showed BTCUSD returning to $102,000 after the Wall Street open.
Bitcoin built on strength from the day prior, which saw a green daily candle of nearly $5,000.
Analyzing the latest movements, trading resource Material Indicators put the spotlight on large-volume traders.
“FireCharts binned CVD shows that whales are back to making whale sized market orders,” it wrote in a post on X, referring to one of its proprietary trading tools. 

An accompanying chart showed increases and decreases in volume for various whale cohorts and liquidity levels for the BTCUSDT pair on largest global exchange Binance.
Popular trader Skew nonetheless noted that overall, sell-side pressure remained sufficiently intense to “limit” potential BTC price upside.
“As long as passive buyers continue to slurp we break up eventually,” he told X followers.
Striking a more cautious tone, onchain data account The Bitcoin Researcher argued that short-term holder profitability needed to cool in order for price growth to remain sustainable. 
This was measured using the market value to realized value (MVRV) metric for Bitcoin’s short-term holders (STHs) — speculative entities hodling a given unit of BTC for up to 155 days.
“I'd like to see the Short-Term Holder MVRV return closer to its baseline,” an X post explained on the day. 

Inflation data fails to dampen Bitcoin momentum
Bitcoin shrugged off a US inflation surprise in the form of the Producer Price Index (PPI), which beat expectations to come in at 3.0% for November.
Unlike the previous day’s Consumer Price Index (CPI) print, which matched forecasts, PPI showed inflation making what trading resource The Kobeissi Letter described as a “comeback.”
“Has the era of stagflation begun?” it queried in one of various X analytics posts.
As Cointelegraph reported, stagflation already forms a topic for market commentators in the face of rising inflation coupled with labor market weakness. 
After PPI, the latest data from CME Group’s FedWatch Tool put the odds of the Federal Reserve cutting interest rates by 0.25% at its next meeting on Dec. 18 at over 98%.
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