Bitcoin bulls are undeterred by the recent inflation news, as whales continue to push the price toward new all-time highs. Despite a surprising jolt in U.S. inflation, Bitcoin’s price is surging. As of Dec. 12, Bitcoin was just shy of hitting $102,000, driven by big investors making large moves in the market. According to Cointelegraph, large-volume traders, or “whales,” are back, making significant market orders with little resistance. Trading tool Material Indicators notes, “Whales are back to making whale-sized market orders” as liquidity in the market deepens, making it easier to execute these large trades.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
Whales Lead the Charge in Bitcoin’s Price Surge
With BTC now sitting at impressive levels, the focus has shifted to whale activity. As noted by Material Indicators, the deeper concentrations of ask liquidity have allowed whales to avoid the price slippage they experienced earlier in the week. Popular trader Skew also pointed out that as long as buyers remain steady, Bitcoin’s price could continue its upward momentum.
PPI Data Fails to Slow Bitcoin’s Bullish Run
Despite the U.S. Producer Price Index (PPI) for November coming in higher than expected, Bitcoin bulls are showing resilience. The PPI reading, which beat forecasts at 3.0%, raised concerns over inflation, but Bitcoin has shrugged off this shock. As The Kobeissi Letter remarked, the PPI data hints at potential stagflation, but Bitcoin’s momentum remains unbroken, indicating that inflation worries aren’t holding back the crypto market.
Concerns over Short-Term Profitability Limit Bitcoin’s Growth
However, not everyone is entirely optimistic. According to The Bitcoin Researcher, the market’s short-term holders (STHs) might need to cool down before the price can maintain its upward trajectory. Using the MVRV (Market Value to Realized Value) metric, they noted that an unreset STH-MVRV could signal an unsustainable price rise, with a market top potentially on the horizon.
In short, while Bitcoin faces some short-term challenges, whales continue to fuel its ascent toward new heights.
At the time of writing, Bitcoin is sitting at $101,619.77.
