Billions of dollars have evaporated, disappeared.

One of the significant developments that marked the global markets in 2024 was the volatility in cryptocurrencies. Starting the year at $42,250, Bitcoin, the largest cryptocurrency by market capitalization, is currently seeking equilibrium near $92,500 in transactions on December 31, 2024. As 2024 comes to a close, according to the latest pricing, the BTC price is preparing for a high premium of approximately 120% on an annual basis.

ETF AND TRUMP EFFECT

At the beginning of the year, the opening of the door for exchange-traded funds (ETFs) to invest in Bitcoin in the U.S. and the election victory of crypto-friendly Donald Trump in the U.S. became the main factors supporting BTC.

While approximately $37 billion in capital inflow was observed into BTC this year, especially after the U.S. elections on November 5, there has been a significant increase in institutional demand from countries to large corporations.

HIT A RECORD WITH $108,000

Due to positive price expectations, BTC rose to $108,300 on December 17, reaching an all-time high. Since that date, profit-taking has brought the BTC price down to as low as $91,300 in yesterday's transactions. Following the subsequent buying reactions, the BTC price has risen above $92,000 today.

BTC PRICE AT A ONE-MONTH LOW

The prices recorded on the last trading day of the year for BTC also indicated the lowest levels of the last month. The recent release of billions of dollars worth of BTC from cold wallets, the impending distribution by the bankrupt FTX exchange to its rightful owners in the first quarter of 2025, and uncertainties regarding whether the new U.S. administration, which will take office in January, will recognize BTC as a reserve asset have recently increased selling pressure.

CRITICAL LEVELS IN BTC

Analysts indicate that $90,700 is a very critical support level for BTC, warning that if this level is broken down, pullbacks could initially reach the 88,700 – 85,000 band. It is stated that if the $96,500 level, which indicates the 50-day average, is exceeded, selling pressure on prices may decrease.