Key Takeaways
- Bitcoin rallies 3.4% to $115,642 with massive institutional inflows totaling $737.37M in 24 hours, led by Binance hot wallet accumulation of $711.38M
- Trading volume surges to $62.43B (up 88.19%) as BTC breaks above 50-day SMA ahead of Wednesday’s Fed meeting with 96.7% probability of 25bp rate cut
- Technical analysis shows bullish MACD crossover and 5/10-day SMA golden cross, with key resistance at $116,000-$120,000 and support holding at $114,000
Bitcoin has surged impressive today with the price surpassing $115K with a 24-hour trading volume touching $62.43 billion at the time of writing.
The price action reflects growing confidence ahead of this week’s Federal Reserve policy decision, with markets pricing in an overwhelming 96.7% probability of another 25-basis-point interest rate cut on Wednesday.
Massive inflows from whales have fundamentally fueled the Bitcoin rally. Binance’s hot wallet led institutional buying with $711.38 million in inflows, followed by Coinbase Prime at $602.16 million and Kraken at $451.82 million, signaling renewed institutional appetite for digital assets. The data is recorded from Arkham.
The trading volume has exploded to $62.43 billion, representing an 88.19% increase, demonstrating robust market participation as traders position themselves for potential monetary policy easing. Bitcoin’s market capitalization now stands at $2.31 trillion, up 1.9% in the 24-hour period, with the cryptocurrency maintaining its dominant position in the digital asset ecosystem.
Technical Analysis: Bulls Eye $120K Breakout
From a technical perspective, Bitcoin’s chart structure is showing increasingly bullish signals across multiple timeframes. The recent breakout above the 50-day SMA at approximately $112,098 represents a critical shift in market structure, with the daily chart now exhibiting higher lows and consolidating gains above the key psychological level of $115,000.
The 9-period exponential moving average (EMA) has crossed above the slower EMAs, confirming short-term bullish momentum.
The volume profile analysis reveals significant accumulation zones between $114,000-$115,000, with the current price action trading above the point of control. From the midterm point of view, traders should focus on the weekly candle’s closure in terms of the interim level of $116,000, and if its breakout occurs, the accumulated energy might be enough for a further upward move to $120,000.
According to CoinGlass data, traders holding short positions worth approximately $373.07 million faced liquidation within 24 hours, with a significant $231.23 million happening within just 12 hours, described as a “classic short squeeze” where modest price increases trigger rapid buybacks by short sellers, accelerating upward momentum.
The largest single liquidation order occurred on Hyperliquid with a BTC-USD position valued at $19.04 million, underscoring the magnitude of leveraged positions being unwound as Bitcoin pushed through critical resistance levels.
Conclusion
Bitcoin’s impressive surge to $115,642 represents more than just another price milestone—it signals a fundamental shift in market sentiment as institutional capital flows back into digital assets ahead of what could be a pivotal week for global monetary policy. The convergence of $737.37 million in institutional inflows, $434.36 million in liquidations that decisively cleared bearish positions, and an 88.19% spike in trading volume paints a picture of renewed conviction among both retail and institutional participants.
