Bitcoin surged above $107,700, while some analysts predicted a short-term price rally.
On December 16, Bitcoin extended its weekly rally to hit an all-time high above $107,700.
The surge in Bitcoin prices came amid rising space volumes and a rebound in Coinbase’s stock during the US session.
After explosive price action during the week, strong selling was seen in the US session, with Binance spot prices rising and KuCoin futures contract volume increasing on Tuesday, December 12. On the 15th, traders pushed BTC prices to the buy wall between $103,000 and $104,000.
In addition to spot sales, positive news about MicroStrategy and Semler Scientific buying new Bitcoins made headlines earlier in the day.
Semler Scientific sold 211 BTC for $21.5 million at $101,890 per coin, and MicroStrategy acquired 15,350 BTC for $1.5 billion at $100,386 per coin.
According to independent market analyst Willy Woo, more than $3 billion has been added to the Bitcoin network every day for the past 30 days, a data point that shows the current unbridled demand for BTC among market participants.
Large daily flows into Bitcoin exchange-traded funds (ETFs) are a constant catalyst for Bitcoin’s rise to new all-time highs. ETF outflows reached $2.17 billion in the week ended Dec. 12, bringing the total to $114.97 billion, according to SoSoValue.
According to independent Bitcoin researcher and investor Timothy Peterson, the price of Bitcoin may reach $115,000 based on ETF flows.
