Bitcoin Surges Past $100,000, Ethereum, Dogecoin, XRP Follow: 'Slow Grind Up' Or Explosive Rally Ahead?

Cryptocurrency markets are trading higher on Wednesday, boosted by positive inflation data.

Cryptocurrency	Price	Gains +/-
Bitcoin BTC/USD	$101,041	+4.0%
Ethereum ETH/USD	$3,820	+4.2%
Solana SOL/USD	$229	+6.3%
Dogecoin DOGE/USD	$0.4161	+4.8%
Shiba Inu SHIB/USD	$0.00002884	+7.4%
XRP XRP/USD	$2.41	+2.1%

Notable Statistics:

IntoTheBlock data shows large transaction volume decreasing by 14.9% and daily active addresses up by 9.7%. Transactions greater than $100,000 remained relatively flat. Exchanges netflows are up by 334.2%.
Coinglass data reports 103,627 traders were liquidated in the past 24 hours for $267.63 million.
CryptoQuant Founder and CEO Ki Young Ju noted that Bitcoin corrections could be smaller in this bull cycle amid steady buying from ETFs and institutions.

Notable Developments:

Top Gainers:

Cryptocurrency	Price	Gains +/-
Peanut The Squirrel PNUT/USD	$1.30	+30%
Sui SUI/USD	$4.33	+19.4%
Aerodrome Finance AERO/USD	$2.13	+16.6%

Trader Notes: As Bitcoin surged past the $100,000 mark, crypto trader Doug Funnie predicts an explosive rally ahead and wonders, "Can we get there before the weekend?"

BTC rising channel update:
this looks like it wants to explode
let's see if we can get there before the weekend pic.twitter.com/cJW2L4ZQXx
— doug funnie (@cryptoklotz) December 11, 2024

Rekt Capital highlights that Bitcoin continues to hold its 4-week technical uptrend line as a key support level. He explains that a deeper correction would require a breakdown below this trend line, but for now, the "technical uptrend remains intact."

According to IntoTheBlock data, 482,000 addresses have purchased Bitcoin within the range of the current price and $100,000.

However, the key demand zone lies between $94,800 and $97,700, where over 1.3 million addresses have accumulated Bitcoin. The firm notes that "this range represents a critical area for potential support."

Daan Crypto Trades forecasts a slow, choppy climb for Bitcoin, with traders likely to face volatility before a genuine breakout occurs.

#Bitcoin Q4 2024 Looking pretty similar to Q4 2023 so far.

Slow grind up as traders are getting chopped up before the real breakout. pic.twitter.com/TuBGPZUcxA
— Daan Crypto Trades (@DaanCrypto) December 11, 2024

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