Bitcoin is gaining momentum as it nears the $100,000 mark, fueled by increased liquidity from Tether’s USDT supply and ongoing accumulation by major holders. Recent trends indicate a robust market environment as on-chain metrics also support this upward trajectory.
What Factors Drive Bitcoin’s Price Rally?
In the last day, Bitcoin experienced a surge, rising from a low of $96,000 to a high of $99,376, reflecting a 2.17% increase. The market capitalization stands at approximately $1.97 trillion, although daily trading volume has seen a decrease of 33%, settling at $84 billion.
Are Large Holders Boosting Bitcoin’s Value?
Recent data highlights that significant Bitcoin holders, known as whales, have continued their buying spree, acquiring 20,000 BTC valued at around $2 billion after the price dipped. These investments showcase a strong belief in Bitcoin’s potential recovery.
Key insights from the analysis include:
- Current resistance level for Bitcoin is positioned at $112,926.
- Support holds firm at $96,870, reinforced by 1.45 million addresses.
- Tether’s recent issuance of $2 billion in USDT boosts market liquidity.
The momentum driven by whale accumulation and Tether’s liquidity injections suggests that Bitcoin could maintain its upward trend, marking a significant period for the cryptocurrency market.