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Victoria d’Este
Published: December 16, 2024 at 8:27 am Updated: December 16, 2024 at 8:27 am
Edited and fact-checked:
December 16, 2024 at 8:27 am
In Brief
Bitcoin soared past $106K, Ethereum rebounded to $4,500, and TON expanded globally with strategic investments and deeper Telegram integration, marking a dynamic week in crypto markets.
Bitcoin News & Macro
Let’s have a birds-eye view on what has been going on in the crypto market over the past week. Bitcoin keeps going parabolic, as it smashed through the $100,000 barrier and hit a record-breaking $106,000. Spot demand came roaring back, and whispers of a Federal Reserve rate cut in December added even more fuel to the fire. But what really got the market buzzing were rumors that Trump could make Bitcoin a U.S. reserve asset. That speculation lit up trading floors, and Bitcoin is firmly back at the center of the financial conversation.
Source: Michael Saylor
MicroStrategy didn’t miss a beat in its relentless Bitcoin buying spree. Not only did the company add to its already massive stash, but it also scored a spot in the Nasdaq 100, further cementing its role as a Bitcoin heavyweight.
Source: MARA Holdings
Meanwhile, MARA joined the action, dropping $1.1 billion on Bitcoin and showing that miners and big players are doubling down on their bets that BTC is the future of finance. The institutional appetite for now seems insatiable.
The action hasn’t been without drama – a massive $19.8 billion options expiry is on the horizon, so bulls might face a tough challenge soon.
Aggregate Bitcoin options open interest for Dec. 27. Source: Laevitas.ch
What’s more, long-term holders have started selling off significant amounts of Bitcoin, prompting concerns that the rally might be losing steam. But the market has taken it in stride so far, with whales stepping in to buy the dips and keep momentum alive.
Still, the overall vibe remains bullish, with some calling for prices to breach $110,000 soon.
BTC Price Analysis
Taking a look at the charts, Bitcoin smashed back through the $100,000 mark this week and climbed to $106,000, driven by solid bullish momentum.
BTC/USD 1D Chart, Coinbase. Source: TradingView
The breakout was sharp and clean, showing buyers are firmly in the driver’s seat. That key $98,000–$100,000 resistance zone has flipped into support, a strong signal of accumulation after every dip. The daily closes above $100K tell the story – sellers are trying to test those waters, but buyers keep stepping up, holding the line with confidence. The rising 20-day EMA around $98,900 is propping up the trend, and overall, the bullish structure looks intact and strong.
BTC/USD 4H Chart, Coinbase. Source: TradingView
On the 4H chart, BTC spent the early part of the week chopping sideways between $94,000 and $96,000 before launching a clean breakout above $100K. The move was explosive – momentum traders were all over it. The 50-EMA acted as a launchpad, while the RSI briefly hit overbought before easing off a touch. Short-term resistance at $106,000 triggered some profit-taking, but the dips have been tiny, quickly scooped up by eager buyers. Right now, the $100K level and the weekly open are critical. Holding steady here could set up a base for another leg up toward $110,000 and beyond. For now, the bulls are still calling the shots, and they don’t look ready to hand over control anytime soon.
Ethereum News & Macro
Ethereum has also been on a tear this week, bouncing back to $4,500 after briefly slipping below $4,000. The momentum came hot on the heels of Bitcoin’s breakout past $100,000, which sent a ripple effect through the market and lit a fire under Ether. ETF inflows and derivatives activity are surging – big money is clearly betting on ETH to deliver.
Flows by assets (in millions of US dollars). Source: CoinShares
Staking has also been a huge part of the story. Liquid restaking is blowing up, with total value locked rocketing to $17 billion this year. It’s no wonder investors are piling in – these staking options offer extra utility and juicy yields.
Liquid restaking total value locked in Ethereum. Source: DefiLlama
The institutional crowd is doubling down, too. BlackRock just upped its Ether ETF holdings, sending a strong signal that Ethereum is locking down its spot as a core investment. And with the SEC moving forward on a Bitcoin-Ethereum combo ETF from Bitwise, it’s clear ETH is earning its seat next to Bitcoin in the big leagues.
Source: Bitwise
Still, not everything is rosy. Solana made headlines by taking the crown as the top blockchain for new developers – a title Ethereum held for years. That’s sparked fresh questions about ETH’s edge in innovation. To make matters more interesting, a prominent Ethereum researcher, Max Resnick, jumped ship to Solana, slamming Ethereum’s layer-2 scaling strategy and praising Solana’s focus on its base layer.
Solana, led by growth in Asia, managed to topple Ethereum as the top ecosystem for new developers in 2024. Source: Electric Capital
But even with these challenges, Ether is cruising – at least, for now. With competition heating up and risks in the staking game, it’s shaping up to be anything but a boring end to the year.
ETH Price Analysis
Ether’s price action this week closely mirrors Bitcoin’s. On the daily chart, Ethereum clawed back after a sharp midweek selloff, bouncing off $3,700 and the 20-day EMA. Bulls defended that level decisively, pushing ETH back toward $4,000, where resistance is proving stubborn. 
ETH/USD 1D Chart, Coinbase. Source: TradingView
Price is consolidating into a potential bull flag, hinting at continuation if buyers can finally clear $4,000. Daily closes near $3,950 show sellers still in control here, but the overall structure remains bullish with the 50-day EMA far below as support.
ETH/USD 4H Chart, Coinbase. Source: TradingView
On the 4-hour chart, the breakdown to $3,500 triggered a V-shaped recovery, with buyers reclaiming $3,800 and the 50-EMA. Momentum cooled as ETH approached $4,000, where sellers have rejected multiple breakout attempts. RSI bounced back to neutral, reflecting the ongoing standoff. If bulls break through $4,000, $4,200 is the next target – an important level from earlier in the year. For now, price action is coiling, with a breakout feeling increasingly imminent.
TON News & Macro
TON has also been making waves. First off, OKX Ventures dropped a hefty $5 million into TON’s blockchain development.
On top of that, the TON Foundation announced the launch of its TON DLT Foundation in Abu Dhabi. The goal is to plant TON’s flag in the Middle East and North Africa, regions that are quickly becoming hotbeds for blockchain adoption.
Meanwhile, TON’s tight integration with Telegram continues to deepen. The team teased a December rollout for NFT stickers on Telegram, which could open new doors for user engagement and utility within its ecosystem.
On the expansion front, Kazakhstan popped up as a key focus, with plans for new offices involving TON, Tether, and Google. That’s a strong signal of TON’s ambition to establish a global foothold, particularly in regions with increasing interest in blockchain tech.
Source: Telegram.org
Rounding things out, Telegram released a moderation report revealing they’ve blocked over 15 million channels in 2024 so far. It’s a clear move to keep the platform clean and reliable – something that’ll matter as TON scales within Telegram’s ecosystem.
TON Price Analysis
On the 1D chart, TON also nosedived from $6.80 early on this week, following Bitcoin. After briefly testing support near $5.20, it snapped back, with the 50-day EMA around $5.77 acting as a solid lifeline. 
TON/USD 1D Chart. Source: TradingView
The long lower wick showed buyers stepping in hard, but since then, price has stalled between $6.20 and $6.50. The 20-day EMA now acts as resistance. Daily closes near $6.37 suggest buyers are holding steady, but momentum is lukewarm — more cautious accumulation than breakout energy.
TON/USD 4H Chart. Source: TradingView
On the 4H chart, the rebound off the lows formed a sharp V-shape, but momentum faded into sideways action. The 50 EMA at $6.37 is capping upside, while RSI hangs near neutral at 53, reflecting indecision. The earlier dip briefly dragged RSI into oversold territory, explaining the bounce, but volume since has been uninspiring. The market feels stuck, with buyers probing $6.20, but without real conviction. A push above $6.50 could send TON back toward $6.80, but a slip below $6.00 risks revisiting those lows around $5.20.
Disclaimer
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About The Author
Victoria is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.
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Victoria d’Este
Victoria is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.
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