On December 18, 2024, Bitcoins price stood at $100,071, down over 5% from the previous day.
This dip followed a recent all-time high of $108,366.The cryptocurrencys market cap reached $2.09 trillion, with a 24-hour trading volume of $70 billion.
Bitcoin maintained its dominance with a 56.63% market share.ETF activity painted an interesting picture of investor sentiment.
Blackrocks iShares Bitcoin Trust saw massive inflows of $740 million.
Meanwhile, Fidelitys FBTC, Grayscales GBTC, and Bitwises BITB experienced outflows.The net result was a positive $493 million inflow, primarily driven by Blackrocks product.
Technical analysis revealed a strong uptrend for Bitcoin.
The price remained above key moving averages.However, some indicators suggested a potential reversal.
The Murrey Math Lines showed an overshoot, while momentum indicators formed bearish divergence patterns.Bitcoin Dips 5% to $100K After Record High While BlackRock ETF Draws $740M.
(Photo Internet reproduction)Market sentiment leaned towards extreme greed.
The Fear and Greed Index hit 80, signaling potential market overheating.
This reading suggested caution for investors, as corrections often follow such exuberant periods.Macroeconomic factors loomed large over the crypto market.
The Federal Reserves interest rate cut to 4.25%-4.5% held particular importance.On-chain metrics told a story of holding.
Bitcoin balances on exchanges reached near multi-year lows.
This trend indicated that most Bitcoin holders were not planning to sell in the short term.
It potentially signaled a bullish long-term outlook for the cryptocurrency.Bitcoin Dips 5% to $100K After Record High While BlackRock ETF Draws $740M