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17.12.202408:21 Forex Analysis & Reviews: Trading Recommendations for the Cryptocurrency Market on December 17

Bitcoin reached another all-time high of $107,700, and Ethereum broke above $4,000 again. The cryptocurrency market saw a significant surge during yesterday's U.S. session, during which, as has become customary, record highs for various types of assets were once again updated.

According to the latest data, inflows into spot ETFs continue to break records, providing substantial support to the crypto market. From December 9 to December 13, U.S. spot Bitcoin ETFs recorded a net inflow of $2.17 billion, with growth observed on all five trading days. This inflow marks the sixth-largest weekly total since Bitcoin ETFs were launched in January 2024, with the record being $3.38 billion from November 18 to November 22. BlackRock ETF (IBIT) saw a weekly net inflow of $1.51 billion, while Fidelity ETF (FBTC) recorded $598.36 million in net inflows. Meanwhile, Grayscale ETF (GBTC) experienced a net outflow of $221.29 million.

Exchange Rates 17.12.2024 analysis

Spot Ethereum ETFs also hit a record high with a net volume of $855 million from December 9 to December 13, surpassing the previous record of $836.69 million set from December 2 to December 6. BlackRock ETF (ETHA) had a weekly net inflow of $523 million, while Fidelity ETF (FETH) recorded $258.63 million in net inflows. Once again, Grayscale ETF (ETHE) showed a net outflow of $49.23 million.

These substantial weekly inflows have boosted the total net assets of Bitcoin and Ethereum ETFs to $114.97 billion and $13.78 billion, respectively.

This trend indicates that, despite ongoing sales by large Bitcoin and Ethereum holders, there is no shortage of buyers, and new market participants are ready to purchase at any price level. This dynamic underscores the growing investor interest in cryptocurrencies, even amid volatility and market uncertainty. Institutional players actively accumulate assets, contributing to price stabilization and fostering positive expectations for future growth. ETF inflows allow investors to participate in the crypto market without directly purchasing or holding digital assets, which also increases market liquidity.

The growing interest from new participants raises questions about the broader impact on the market ecosystem. Investors eager to catch the trend may create additional demand, potentially driving prices higher and triggering another market cycle.

For the intraday strategy, I will continue to act by taking advantage of any significant dips in Bitcoin and Ethereum, relying on continuing the bull market in the medium term, which remains intact.

For short-term trading, the strategy and specific conditions are outlined below.

Exchange Rates 17.12.2024 analysis

Bitcoin

Buy Scenario

I will buy Bitcoin today at the entry point around $107,190, with a target of rising to $108,400. Around $108,400, I plan to exit purchases and sell immediately on a rebound. Before buying on a breakout, it is essential to ensure that the 50-day moving average is below the current price and the Awesome Oscillator is in the zone above zero.

Sell Scenario

I will sell Bitcoin today at the entry point of around $106,400, with a target of falling to $105,000. Around $105,000, I plan to exit sales and buy immediately on a rebound. Before selling on a breakout, ensuring that the 50-day moving average is above the current price and the Awesome Oscillator is in the zone below zero is essential.

Exchange Rates 17.12.2024 analysis

Ethereum

Buy Scenario

I will buy Ethereum today at the entry point around $4,055, with a target of rising to $4,125. Around $4,125, I plan to exit purchases and sell immediately on a rebound. Before buying on a breakout, it is essential to ensure that the 50-day moving average is below the current price and the Awesome Oscillator is in the zone above zero.

Sell Scenario

I will sell Ethereum today at the entry point around $4,016, with a target of falling to $3,958. Around $3,958, I plan to exit sales and buy immediately on a rebound. Before selling on a breakout, ensuring that the 50-day moving average is above the current price and the Awesome Oscillator is in the zone below zero is essential.

*تعینات کیا مراد ہے مارکیٹ کے تجزیات یہاں ارسال کیے جاتے ہیں جس کا مقصد آپ کی بیداری بڑھانا ہے، لیکن تجارت کرنے کے لئے ہدایات دینا نہیں.

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