In December’s second half, the Bitcoin price continues to set a fresh all-time high, boosting bullish sentiment in the broader market. The high momentum rally is fueled by BTC adoption by major corporate firms and active accumulation from the crypto whales. With sustained buying, the coin buyers set for another breakout from the renowned chart pattern, signaling the potential for a prolonged uptrend.
According to CoinGecko Data, the global crypto market cap currently stands at $3.92 Trillion, while the 24-hour trading volume is at $299.6 Billion.
Key Highlights:
- Leef Brands adopts Bitcoin as a treasury reserve asset, aligning with growing corporate interest.
- The Bitcoin price rides a stray uptrend under the influence of a rising channel pattern.
- An overhead supply at $107k could trigger a short correction in BTC to replenish bullish momentum.
Corporate Adoption and Whale Activity Propel Bitcoin Rally
On December 17, publicly traded cannabis company Leef Brands announced the adoption of Bitcoin as a treasury reserve asset. The move aligns with an emerging trend among corporations seeking inflation-resistant financial strategies, spurred by Bitcoin’s increasing institutional adoption
In parallel, Bitcoin’s upward momentum has been reinforced by significant whale activity. On-chain data reveals that 70,000 BTC worth over $7.28 billion has been accumulated by Bitcoin whales in the last 48 hours. This influx coincides with heightened price performance, reflecting renewed investor confidence.
The growing adoption of Bitcoin from corporate giants and large investors showcases a robust demand, bolstering the current price rally.
Overhead Supply Hints BTC Return to $100k
Earlier today, the Bitcoin price registered a 2% surge to mark a new all-time high of $108,364. However, the price retraced notably during the U.S. market hours to currently trade at $106,719 while the market cap stands at $2.1 trillion.
The reversal was recorded at the resistance trendline of a rising channel pattern. In the 4-hour chart, the chart setup leads to two angular trendlines acting as dynamic resistance and support for BTC.
A potential reversal could push the Bitcoin price 6.3% down to seek support from the lower trendline at the $100k level.
On a contrary note, a potential breakout from the overhead trendline will accelerate bullish momentum and drive a rally past $120k.
Also Read: Anchorage Digital Secures NY BitLicense for its Subsidiary
