Bitcoin (BTC) has crossed the threshold of $100,000 for the first time in two weeks, supported by a revived movement after the expected confirmation of the US election victory of Donald Trump by the Congress this week.
According to Bloomberg data, the market's main digital currency climbed more than 4% in the 24-hour time frame to hit $102,500 on Monday, registering a weekly increase of 11% – the highest increase since November 24.
Bitcoin Rally Begins: Surpasses $100,000
BTC's performance in 2024 experienced a decline at the end of December as investors focused on securing their gains. Nevertheless, there is a commitment to a pro-crypto The government under Trump has rekindled interest, taking Bitcoin to a record high of $108,000.
As Congress prepares to gather to confirm Trump's victory, market sentiment appears optimistic. Khushboo Khullar, a venture partner at Lightning Ventures that invests in Bitcoin-related companies, said, “A super cycle 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 trend. On Friday, investors poured a net $908 million into US Bitcoin ETFs.
This marked the fifth highest level inflow since their launch in January 2024, after a historic net inflow of $680 million on December 19.
Another positive indicator for Bitcoin traders is the rebound of the Bitcoin Coinbase Premium, which measures the price difference between Bitcoin on Coinbase and Binance.
After the lowest point since FTX Sam Bankman-Fried fell in 2022, the price has recovered, reflecting the growing demand for Bitcoin among US investors.
Joe McCann, CEO of Asymmetric, a crypto hedge fund based in Miami, pointed out that ETF issuers mainly work with Coinbase, which means that the demand for ETFs can affect high levels. -rate or discount.
Key Support Levels under review
As the market looks towards 2025, Bloomberg shows that Bitcoin's trajectory will depend largely on Trump's commitment to it crypto related commitmentsincluding Bitcoin national reserve.
Despite this, there are still doubts about how long the collection will continue. A recent MLIV Pulse survey revealed that 39% of participants saw Bitcoin as the most likely investment to lose in 2025, the highest share of all options.
In terms of technical analysis, Morecryptoonl market expert pointed out that Bitcoin has formed a more typical five-wave pattern, with a bearish outcome that is still possible if certain support levels are broken.
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Currently, wave two is needed to maintain support, while wave one is technically complete but is expected to reach at least $100,800. Essential support areas are marked between $93,144 and $96,554, which may be analyzed after wave one confirms the highest level.
As for Bitcoin ETFs, Glassnode says the buying trend remains strong, due to seasonal effects. With the launch day approaching, the company is analyzing the market expected higher buying activity from traditional financial investors, which may affect Bitcoin price movements further.
At the time of writing, BTC has slipped back towards the $101,888 level but is still making big gains on all time frames.
Featured image from DALL-E, chart from TradingView.com
