Despite the market-wide price decline early last week, the crypto market recovered and Bitcoin ended the week at $102,800. Bitcoin is currently at an all-time high of $106,000. Meanwhile, US spot crypto ETFs continue to record positive inflow days.
Bitcoin
Bitcoin hit a new high of $106,400 after falling to $94,000 last week, largely due to another week of consecutive positive inflows from the US Spot Bitcoin ETF. This is driven by positive ETF inflows due to the
From December 9th to December 13th, the top 10 spot BTC ETFs in the US saw $2.17 billion in inflows.
Current price action shows Bitcoin trading at $104,500 after breaking through its previous high of $104,000 and reaching a new high of $106,600.
The Federal Reserve's interest rate policy decision scheduled for December 18th could have a significant impact on price trends. Expectations are hawkish as more subdued cuts are expected for next year, which could have a negative impact on risk assets like Bitcoin.
Price technicals support a hawkish stance as Bitcoin price could fall to gain liquidity at low levels around $100,000.
Ethereum
The second-largest cryptocurrency rebounded from a weekly low of $3,500 to a local high of $4,000. Unlike Bitcoin, it has not broken the previous high formed at the $4,100 level.
Meanwhile, Ethereum Spot ETF inflows remained positive throughout last week, totaling $854.8 million.
At the time of publication, Ethereum is trading at $3,950.
Solana
Unlike Bitcoin and Ethereum, which have rebounded since last week, Solana’s price has fallen after failing to close above its all-time high of $260 on the daily time frame.
The price action in the intermediate time frame (H4/H1) shows rejection and selling from the local supply zone could continue up to the logical demand zone at $160. Solana price needs to break above $247 in H4 and eventually close above the daily all-time high to resume its bullish move.
Solana is priced at $214 at the time of publication.
ripple
Ripple's price action has been incredibly bullish following its legal victory and expected changes in the US regulatory environment. The cryptocurrency surpassed its previous high of $1.99 and formed a new ATH of $2.90 on December 3rd.
Recent price movements show a rebound from the highs as prices formed a new local supply zone, which was rejected and sold from. If the current trend continues, the price will gain liquidity at the $1.90 level and a reversal will push the price above $2.65.
Ripple is trading at $2.36 at the time of article publication.
