Bitcoin (BTC), which is a cryptocurrency, has crossed the $100,000 mark for the first two-week period. This was due to resurging momentum following the confirmation by Congress of Donald Trump’s US presidential election victory this week.
According to Bloomberg data, the market’s leading cryptocurrency climbed over 4% in the 24-hour time frame to hit $102,500 on Monday, recording a weekly rise of 11%—its highest surge since November 24.
Bitcoin Rally resumes, Surges past $100,000
BTC’s 2024 performance slowed in late December due to investors looking to lock in their gains. However, excitement for the upcoming upcoming a pro-crypto Under Trump, the government has revived interest and Bitcoin is at its highest level ever of $108,000.
The market is optimistic as Congress gets ready to meet to confirm Trump’s victory. Khushboo Khullar works as a venture capitalist at Lightning Ventures and invests in Bitcoin related companies. stated, “A super cycle in 2025 is expected due to regulatory changes from the Trump administration.”
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The recent surge in Bitcoin Exchange-Traded Funds (ETFs), has also contributed to this growth. In the US, $908 million was invested in Bitcoin ETFs on Friday.
It was the fifth highest in terms of overall rankings inflow Since they were launched on January 20, 2024 following an historic outflow of 680 million dollars in December 19,
The Bitcoin Coinbase premium, which measures the difference in price between Bitcoins on Coinbase and Binance, is another positive sign for Bitcoin traders.
After its lowest level since Sam Bankman Fried’s FTX dropped in 2022 the premium recovered. This indicates a growing demand for Bitcoin by US investors.
Joe McCann of Asymmetric in Miami is the CEO. The crypto hedge funds he runs mainly deal with Coinbase. Therefore, demand for ETFs may affect discount or premium rates.
Critical Support Levels under Scrutiny
Bloomberg highlights market trends as they look towards 2025 Bitcoin’s trajectory will depend in large part on Trump’s devotion to his crypto-related pledgesThe encompassing The creation of a Bitcoin national reserve.
However, there are still doubts about the sustainability of this rally. According to a recent MLIV Pulse study, 39% of participants rated Bitcoin the worst investment for 2025. This was the largest percentage of any choice.
Morecryptoonl, a leading market analyst in the field of technical analysis. pointed out Bitcoin’s five-wave pattern is more distinct, but a bearish result remains feasible as long as certain support levels remain unbroken.
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Wave two is needed to continue support. While wave one has technically been completed, it is expected to achieve a minimum amount of $100,000. Important support zones The peak of wave 1 is estimated to be between $93,144-$96,554.
Glassnode says that despite seasonal fluctuations, the buying trend for Bitcoin ETFs is still strong. The market research firm has released its latest report as Inauguration day approaches. expects A higher level of purchasing from investors in traditional finance could have a further impact on Bitcoin’s prices.
BTC, at the time this article was written, has fallen back toward the $101,888 levels but continues to make significant gains in all time frames.
Chart by TradingView.com. Image from DALL.
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Source: www.newsbtc.com
