Here’s Why Bitcoin Price Rally Isn’t Over

Highlights

BTC whales have acquired 20,000 BTC worth $2 billion pushing the Bitcoin price upwards.
There's strong support at $96,870 where 1.45 million addresses hold 1.42 million BTC.
Tether has minted $19 billion in USDT since November 6, including $4 billion in the past four days.

The Bitcoin price is showing a healthy bounce back gaining the lost ground to $100K levels. BTC’s move in the upward direction remains firm as Tether continues to print more USDT flooding the market with enough liquidity. Besides, BTC whale accumulation and on-chain indicators suggest that we haven’t reached the top yet.

Bitcoin Price Rally Can Continue to New All-Time High

In the last 24 hours, the BTC price has bounced back once again from $96,000 support levels. As of press time, the BTC price was trading 2.17% up at $99,376 with a market cap of $1.97 trillion. However, BTC’s daily trading volumes show a drop of 33% to $84 billion.

On-chain indicators suggest that heavy Bitcoin whale accumulation has continued during the recent Bitcoin price drop. In the past 24 hours, following the dip to $96,000, Bitcoin whales acquired 20,000 BTC worth $2 billion, reported crypto analyst Ali Martinez.

Martinez also highlighted that local Bitcoin price tops often coincide with levels around the Short-Term Holder Cost Basis plus one standard deviation. At present, this key level is calculated to be $112,926, potentially signaling a critical resistance point for the leading cryptocurrency.

Bitcoin’s most significant support level currently stands at $96,870, according to on-chain analyst Ali Martinez. Data reveals that approximately 1.45 million addresses collectively acquired 1.42 million BTC at this price point, marking it as a crucial demand zone. Martinez suggests that as long as this level holds firm, Bitcoin’s upward trajectory is likely to persist.

On the other hand, inflows into spot Bitcoin ETFs have continued at a strong pace, with their total BTC holdings over-crossing Satoshi Nakamoto’s. On Friday, the total inflows stood at $376 million with BlackRock’s IBIT alone contributing more than $257 million. Earlier this week, IBIT hit an important milestone of hitting $50 billion AUM in less than a year of launch.

Tether’s USDT Printing Can Provide Further Push

Stablecoin issuer Tether has minted an additional $2 billion in USDT on the Ethereum blockchain network offering additional liquidity boost to Bitcoin and altcoins. This brings the total USDT minted by Tether to $19 billion across Ethereum and Tron since November 6, with $4 billion issued in just the past four days, Spot On Chain reported.

During the massive influx of fresh liquidity over the past month, the Bitcoin price crossed the $100K milestone twice. Thus, market analysts believe that this rally can continue further. With this, Tether also continues to expand its overall crypto market dominance.

Additionally, Tether has also been exploring other ways to expand its market footprint. Last month, Tether unveiled the Wallet Development Kit (WDK), an open-source, self-custodial toolkit aimed at empowering developers to build Bitcoin and Tether (USDT) wallets.

The WDK will promote financial autonomy, supporting both human users and AI-driven systems, enabling them to independently manage their digital assets.

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Bitcoin (BTC) Price

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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