Here’s Why Bitcoin Price Is Rising Today
Highlights
- Bitcoin price rally as Donald Trump teams mulls having a dedicated post for crypto policies at the White House.
- Meanwhile, the ETH/BTC pair hit its lowest level since March 2021, delaying a potential altcoin season.
- As BTC replicates a four-year chart pattern, analysts predict a rally to $135,000 in December.
- Inflows into spot Bitcoin ETFs remain strong with BlackRock's IBIT leading the charge.
Bitcoin price rally seems unstoppable at this point as the world’s largest asset gains another 6% today hitting a fresh all-time high of $97,457 and moving closer to the $100K milestone. Bitcoin seems to consolidate further ground against altcoins taking its market dominance to more than 60.5%. Amid today’s BTC rally, the ETH/BTC pair has touched a three-year low with analysts predicting a Bitcoin surge ahead to $135,000.
Why Is Bitcoin Price Rising Today?
Earlier today, the ETH/BTC pair broke the trendline hitting a three-year low since March 2021. This development could further delay the altcoin season ahead as Bitcoin’s outperformance continues in this market.
A letter from the grave???? $ETHBTC pic.twitter.com/FALauZ8M7R
— Peter Brandt (@PeterLBrandt) November 21, 2024
Commenting on this, market strategist Bitcody wrote: “I believe ETH/BTC could bottom next month. Historical data supports this – December has marked the ETH/BTC bottom in 6 of the last 8 years. If December follows its usual pattern, we could see ETH/BTC find its footing soon”.
As Bitcoin veils more power, altcoins are once again losing steam after last week’s rally. QCP Capital recently stated that Ethereum participation is a must for the altseason to begin. Thus, it’s unlikely to happen until the ETH/BTC pair rebounds and shows strength.
On the other hand, analysts predict the Bitcoin price rally to continue further. Popular crypto analyst Ali Martinez noted that Bitcoin is repeating the four-year chart pattern, and will replicate a similar move as in December 2020. He also said that there are striking similarities for the Bitcoin RSI as well.
“If history repeats itself, Bitcoin could first rally to $108,000, experience a correction to $99,000, and then surge to $135,000,” Martinez predicted.
Legendary trader Peter Brandt has also shared a similar Bitcoin chart after the US elections. It shows that BTC price forms a flag-and-pole pattern with the recent breakout suggesting a rally to $125,000 and beyond.
The Trump Trade Continues for BTC
Today’s BTC price rally is the extension of the Trump trade and some key developments in the making. On Wednesday, November 20, reports suggested that Donald Trump’s team is pushing for a new White House post dedicated to digital assets policy.
Trump’s team is having discussions with crypto industry leaders and also pitching for a position that will have direct access to the President. This development has triggered fresh euphoria across the crypto market. Commenting on BTC price surge today, Tony Sycamore, an analyst at IG Australia Pty Market said:
“Buyers are strangling the sellers. While I’m not sure it’s all going to be smooth sailing as it edges closer to the $100,000 mark, the demand appears to be insatiable.”
As per the Coinglass data, the 24-hour liquidations for Bitcoin have shot up to $119 million with $93 million in short liquidations and more than $25 million in long liquidations.
Along with Bitcoin price making a move to $100K levels, the MicroStrategy stock hit record trading volumes on Wednesday, moving closer to $500. On the other hand, inflows into spot Bitcoin ETFs have surged significantly over the last three days.
On Wednesday, November 20, the total inflows in spot Bitcoin ETF stood at $773 million, with BlackRock’s IBIT alone contributing more than $626 million. Fidelity’s FBTC also saw inflows of $133 million, per the data from Farside Investors. A day before the spot Bitcoin ETF options debuted on Nasdaq, with IBIT clocking over $2 billion in trading volumes.
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