- Bitcoin hit a new all-time high of $89,863 amid rising demand and limited supply.
- Post-2024 halving supply shock is driving demand, with more price gains expected.
Bitcoin reached a historic milestone today, hitting an all-time high of $89,863. This new peak underscores the remarkable upward momentum Bitcoin has shown in recent days. The price surge reflects a 10.80% increase in the last 24 hours, with Bitcoin now trading at around $89,871.28.
Trading volume is also surging, standing at $132.32 billion—up by 55.01%. Bitcoin’s market cap sits at an impressive $1.76 trillion, dominating 58.90% of the crypto market despite a slight 0.05% dip from the previous day.
Bitcoin investor and author Jesse Myers attributes this price rally to a post-halving supply shock, which has intensified since the 2024 halving event. Myers notes that Bitcoin’s unique halving cycle, which reduces new supply by 50% every four years, creates a predictable supply-demand imbalance.
If you’re wondering what’s happening with #Bitcoin…
Yes, the incoming Bitcoin-friendly administration has provided a recent catalyst…
But, that’s not the main story here.
The main story here is that we are 6+ months post-halving.
And that means a supply shock has… pic.twitter.com/XkwPoPxrj2
— Jesse Myers (Croesus 🔴) (@Croesus_BTC) November 11, 2024
As the supply dwindles, demand outstrips available Bitcoin at current prices, pushing prices higher to restore equilibrium. Myers describes this as a recurring phenomenon, noting similar post-halving bull markets after the 2012, 2016, and 2020 halvings. He believes that we are in the early stages of the post-2024 halving bull market, potentially leading to a new price bubble.
Bitcoin Bulls Rise on Record Inflows & Bullish Indicators
Bitcoin ETFs in the U.S. saw an inflow of $1.094 billion, the second-largest on record, highlighting strong institutional support. This influx is an encouraging sign, as it adds to Bitcoin’s current price momentum and aligns with the recent trend of major capital flows into digital assets.
Whale moves further indicate rising investor interest. Recent whale transfers include 3,000 BTC (worth $253.88 million) and 2,000 BTC (valued at $169.26 million), both moved between unknown wallets. Additional transfers of 2,070 BTC ($182.83 million) and 2,307 BTC ($204.94 million) were also recorded, the latter originating from Mt. Gox to an unknown wallet.
Technical indicators support a bullish outlook. Bitcoin’s current support level is around $77,731, with resistance close to the all-time high of $89,604. Breaking past this resistance could propel prices further. The Relative Strength Index (RSI) is currently elevated at 84.55. With an average of 67.19, indicating overbought conditions yet strong market demand. Moving averages show a positive crossover, typically signalling ongoing upward movement.
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Source: https://thenewscrypto.com/is-post-halving-demand-fueling-bitcoins-historic-rise/