- Bitcoin reached a new all-time high above $82,000 on November 11, 2024.
- More than 40,000 Bitcoins, worth nearly $3.28 billion, were withdrawn from exchanges over the past week.
The price of Bitcoin (BTC) climbed to a fresh record above $82,000 as the momentum driving cryptocurrencies higher continued to shape market sentiment.
On Monday, BTC peaked at $82,329 on major exchanges, marking a gain of more than 20% over the past week for the flagship digital asset.
Those gains lifted many altcoins as well. Ethereum surpassed $3,100, Solana is eyeing a new yearly high, and Cardano, BNB, and meme coins like Dogecoin and Shiba Inu also traded higher.
Over 40,000 BTC Leave Exchanges
According to crypto analyst Ali Martinez, Bitcoin’s surge to a new ATH coincided with a significant outflow of BTC from exchanges.
Last week, Ali noted on X that bullish BTC holders withdrew more than 40,000 bitcoins from exchanges. That represents nearly $3.3 billion worth of Bitcoin leaving trading platforms. Exchange balances for Bitcoin dropped sharply over the past seven days.
Optimism among market participants appears to be driving this trend. Analysts point to two main catalysts: Donald Trump’s victory in the U.S. election and expectations for interest rate cuts. Institutional demand driven by inflows into spot ETFs has also supported BTC in breaking the $82,000 level.
What’s Next for Bitcoin’s Price?
Price forecasts for BTC suggest a rise to $100,000 could be possible before year-end. With that outlook, many traders holding short-term bearish positions after the recent rally have suffered sizable losses.
According to Coinglass data, the crypto market saw an astonishing $270 million in liquidations over the past 24 hours. Traders positioned for even higher BTC prices accounted for $361 million in liquidations.
Overall, more than 208,800 traders were liquidated in the past 24 hours, with total liquidations reaching $632.57 million; roughly $124 million of that amount came from short Bitcoin positions.