After closing last week above $101k, Bitcoin (BTC) price rallied over 3.3 percent in the past 24 hours to reach a new all-time high (ATH) of about $109,114. The flagship coin signaled the onset of a fresh parabolic rally fueled by rising demand from institutional investors, and soon nation-states.
Following the sudden Bitcoin price surge after retesting the support level around $100k, more than $264 million was liquidated from the BTC’s leveraged market in the last 24 hours, with the majority involving long traders. The altcoin industry followed in similar volatility, thus resulting in $1.25 billion in forced liquidations, with over $911 million involving long traders.
Rising Demand for Bitcoin by Whale Investors
Bitcoin price has enjoyed robust support from institutional investors seeking to hedge against global inflation and significant uncertainty in macroeconomics. For instance, the US spot BTC ETFs have registered exponential growth in the net cash inflow since the yearly calendar flipped three weeks ago.
According to the latest market data, the US spot BTC ETFs have registered a net cash inflow of over $1.5 billion year-to-date. As a result, the US spot BTC ETFs have registered a cumulative total net inflow of $38 billion and currently have a total net assets of $120.95 billion.
Midterm BTC Targets
From a technical analysis standpoint, Bitcoin price has been forming a megaphone structure in the daily time frame. After rebounding from the lower border in the past week, Bitcoin price is well positioned to rally towards $114k in the near term.
However, Bitcoin’s short-term traders should be wary of a potential sell-the-news bubble after the inauguration of Donald Trump tomorrow. Furthermore, Bitcoin price could be evolving to a macro consolidation structure before continuing with bullish sentiment in the near future.
