Bitcoin price officially reached a new all-time high to a higher place $19,892 on Dec. 1 later near three years, co-ordinate to data from Coinbase and Tradingview.

BTC/USD weekly chart (Coinbase). Source: Tradingview.com

Despite the Thanksgiving crash last week, Bitcoin (BTC) toll managed to rebound throughout the weekend. BTC then easily passed the $19,000 mark on Mon to reach its all-time high, albeit on a couple of exchanges.

At that place are three central trends that fueled BTC's ascent from sub-$iii,600 in March to over $19,892. These include the ascension in institutional demand, lower selling pressure and the resilience of BTC throughout 2020.

Data suggests institutional need propelled the rally

Almost on-chain data points bear witness that the need for Bitcoin from institutions has been rapidly increasing.

In November, Grayscale recorded all-time loftier net inflows, and the CME Bitcoin futures market saw its open involvement climb near $1 billion.

Grayscale, in particular, said that more institutions invested in cryptocurrencies during the 3rd quarter of 2020 than ever before.

The figures Grayscale sees are important to gauge the institutional interest in Bitcoin considering the Grayscale Bitcoin Trust is typically the starting time signal of entry for nearly institutions to gain exposure to BTC.

In the Us, at that place is no exchange-traded fund (ETF) for Bitcoin and other major cryptocurrencies. Hence, the Grayscale Bitcoin Trust is the closest investment vehicle to an ETF in the U.Southward. market. The Grayscale report reads:

"More institutions invested in 3Q20 than ever before and have increased their average allocation from $2.2 million in 3Q19 to $2.nine million in 3Q20. Institutions that are comfy with multiple products inside the Grayscale suite of products, have averaged almost double the commitments of single-production investors during 3Q20."

As Cointelegraph reported in August, MicroStrategy purchased $450 million worth of BTC, adopting Bitcoin as its master treasury nugget. This was likely the spark that triggered the current moving ridge of institutional demand for the digital shop of value.

This was accompanied throughout the summer past high-profile allocations to Bitcoin from the likes of Square, Paul Tudor Jones, and later, Stanley Druckenmiller, which only further fueled the positive market place sentiment.

In November, Druckenmiller explained that Bitcoin is likely hither to stay, as it has significantly outperformed gold in 2020, saying:

"Information technology's been effectually for 13 years and with each passing day information technology picks upward more of its stabilization as a make."

Low whale inflows

6 months after the halving, November also saw low selling pressure from whales, according to on-concatenation data. In other words, the amount of Bitcoin beingness sent to exchanges from high-internet-worth investors consistently decreased throughout the month.

Bitcoin Substitution Whale Ratio. Source: CryptoQuant

CryptoQuant CEO Ki Young Ju pinpointed the Substitution Whale Ratio as an indicator of long-term bullish market sentiment. He said:

"Honey $BTC shorters, You can call me a moon boy, but unfortunately, there won't be a mass-dumping like March this year. Exchange Whale Ratio(90-day MA) is still very low. Long-term bullish is inevitable."

The low selling force per unit area on BTC helped sustain its rally throughout the calendar month, somewhen allowing the dominant cryptocurrency to reach a tape loftier.

Bitcoin's resilience has been a big factor

On June 13, JPMorgan Hunt said in a note that Bitcoin's recovery from the March crash showed it had staying power. The recognition of Bitcoin's resilience past the largest investment banking company in the U.S. probable acted as a major conviction heave, especially for institutional investors.

Ultimately, the impressive performance over the past decade and Bitcoin's strong momentum since dropping beneath $3,600 across major exchanges in March demonstrated BTC's resilience and long-term potential as a digital shop of value.