- BTC topped $107K amid elevated optimism of a possible US nationwide reserve.
- Kraken whales positioned promote orders at $150K-$160K worth targets.
On the sixteenth of December, Bitcoin topped $107K on rising hopes of the US making a nationwide BTC reserve.
The keenness may make the following $110K goal reachable, however Kraken whales eyed $150K-$160K worth ranges.
In line with BTC on-chain analyst, Bitcoindata21, Kraken whales’ promote orders above $150K mirrored the early 2024 pattern which muted the cryptocurrency momentum under $80K. He stated,
“Kraken whales are starting to tell us where bitcoin price is going to slow down in the coming months. Some sell orders above, that could be similar to those that stopped price appreciation earlier this year.”
Supply: X
BTC’s rising demand
BTC’s current all-time excessive (ATH) above $107K was boosted by sturdy spot market demand.
In line with Julio Moreno, head of analysis at CryptoQuant, promote stress from massive gamers has eased amid rising demand. He stated,
“Bitcoin OTC desks are seeing their largest monthly balance decline so far this year, -25k Bitcoin, as demand continues to grow. Additionally, their balance has fallen by 40k Bitcoin since November 20.”
Supply: CryptoQuant
For context, OTC (Over the Counter) Desk Steadiness, represents promote stress from massive gamers that don’t use centralized exchanges. Its decline is a optimistic signal for BTC’s upside.
The elevated investor urge for food for BTC may push it larger and hit the anticipated $120K-$150K targets.
Curiously, the present worth motion intently adopted Polymarket’s odds of the US making a BTC reserve.
The percentages surged from 25% to a excessive of 40% on Monday, akin to BTC’s bounce from $94K to $107K over the identical interval.
Supply: Polymarket
At press time, the chances eased barely to 38% as BTC slipped to $106.5K. This prompt that the US BTC reserve was the following key catalyst for the anticipated $120K-$150K targets or past.
Now, does that imply the broadly anticipated pullback was not a priority?
Effectively, the pullback danger was nonetheless there, at the least per elevated profitability as tracked by aSOPR. Traditionally, BTC hit a neighborhood prime when the metric tapped the primary or second band as worthwhile holders money out.
As of this writing, the metric was near hitting the primary band, suggesting {that a} pullback was nonetheless on the playing cards.
Supply: Glassnode
