After stopping just a couple of hundred dollars away from the $100,000 price level on Friday, the $BTC price rejected back down as far as $95,750. Currently Bitcoin has broken upwards through the descending trendline and is heading back for another attempt at $100,000. Will it break this huge psychological level this time?
Bitcoin is heading back to higher levels once again, having made its customary reversal, thereby allowing the bulls to catch their breath before the next push up. Having just touched $99,000 early on Monday, it will not take a major surge to arrive back at the $100,000 psychological level again.
Will the U.S. Spot Bitcoin ETFs continue their huge buying spree?
On the buying side, it will be interesting to see whether the U.S. Spot Bitcoin ETFs will continue their run of five uninterrupted trading days of net inflows. Last Thursday saw a purchase of $1 billion alone. This is now the fourth time in Spot Bitcoin ETF history that a purchase of this magnitude has been made in just one day.
Tether prints another $3 billion USDT
As the institutions continue to buy, Tether continues to print stablecoins. It was reported by CoinTelegraph on Sunday that Tether had printed an additional $3 billion USDT; $2 billion of this on the Ethereum blockchain, and $1 billion on Tron. This now brings the total to $13 billion USDT printed by Tether since 11 November.
Pro-crypto Trump picks
In the United States, a pro-crypto Trump administration is continuing to take shape. Howard Lutnick (Commerce) and Scott Bessent (Treasury) are two crypto enthusiasts who have recently been Trump picks for the highest key posts in the country. As they have received word on their new positions, Janet Yellen, current Treasury Secretary, and opponent of crypto, is following Gary Gensler (SEC Chair) out of the door, as she tendered her resignation last week.
$BTC breaks out of yet another bull flag
Source: TradingView
It does look like the latest small $BTC reversal was able to form a bull flag. This is only apparent on the short-term time frame, but the price has reacted perfectly for a flag, having broken out and retested the top. It would be likely that the $BTC would now rise to the high at $99,800, and by surpassing this, reach the $100,000 level.
The Fibonacci levels for this move, starting from 17 November, show that the $BTC price has come down to the 0.382 Fibonacci level before bouncing. This is a bullish retracement, given that the price did not go to lower levels first.
Bullish $BTC picture on the 2-week time frame
Source: TradingView
The 2-week chart for Bitcoin is looking very bullish indeed. The price has broken through the ascending trendline, which traverses both tops of the 2021 bull market, and with six days left before this 2-week candle closes, a close above this trendline, and also above the $100,000 horizontal level, would perhaps presage higher prices to come.
The Stochastic RSI indicators at the bottom of the chart still have a way to go before reaching the top, and this would potentially mean a continuation of upside price momentum.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
