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Bitcoin (BTC) crossed the $100,000 threshold for the first time in two weeks, buoyed by renewed momentum following the expected confirmation of Donald Trump’s victory in the US election by Congress this week.
According to Bloomberg data, the market-leading cryptocurrency rose more than 4% in the 24-hour time frame to hit $102,500 on Monday, marking a weekly rise of 11% – its highest rise since November 24.
Bitcoin rally resumes: exceeds $100,000
BTC’s performance in 2024 faced a slowdown in late December as investors aimed to lock in their gains. However, the enthusiasm for pro-crypto The government under Trump has revived interest, pushing Bitcoin to a record peak of $108,000.
As Congress prepares to meet to certify Trump’s victory, market sentiment appears optimistic. Khushboo Khullar, venture partner at Lightning Ventures who invests in Bitcoin-related companies, male, “A supercycle is expected in 2025 due to regulatory changes from the Trump administration.
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A notable increase in investment in Bitcoin exchange-traded funds (ETFs) has also fueled this momentum. On Friday, investors transferred a net $908 million into US Bitcoin ETFs.
This indicates fifth place flow Since its launch in January 2024, after a historic net inflow of $680 million on December 19.
Another positive indicator for Bitcoin traders is the recovery of Bitcoin Coinbase Premium, which measures the price discrepancy between Bitcoin on Coinbase and Binance.
After its lowest point since Sam Bankman-Fried’s FTX drop in 2022, the premium has recovered, indicating rising demand for Bitcoin among US investors.
Joe McCann, CEO of Ametric, a Miami-based cryptocurrency hedge fund, noted that ETF issuers primarily transact with Coinbase, which means demand for ETFs can impact premium or discount rates.
Key support levels are under scrutiny
As the market looks towards 2025, Bloomberg highlighted Bitcoin’s path will depend largely on Trump’s dedication to his cryptocurrency pledges, including… National Bitcoin Reserve.
However, doubts remain about the sustainability of the ongoing rally. A recent MLIV Pulse survey revealed that 39% of respondents view Bitcoin as the investment most likely to lose in 2025, the highest share of all options.
Regarding technical analysis, market expert Morecryptoonl says He pointed out Bitcoin has formed a more distinct pentagonal pattern, with a bearish outcome still possible if specific support levels are violated.
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Currently, the second wave is required to maintain support, while the first wave is technically completed but is expected to reach the $100,800 minimum. important Support areas It is set between $93,144 and $96,554, which could be examined after the first wave reaches its peak.
Regarding Bitcoin ETFs, Glassnode confirms that the buying trend remains strong, due to seasonal effects. As Inauguration Day approaches, market analysis firm expected Higher buying activity from traditional fund investors, which may influence Bitcoin price movements further.
At the time of writing, Bitcoin has retreated back towards the $101,888 level but is still making significant gains on all time frames.
Featured image of DALL-E, chart from TradingView.com