- Bitcoin forms a bullish reversal pattern, eyeing resistance levels at $106K, $109K, and $ 119 K.
- Tether mints 1B USDT, fueling speculation of fresh capital inflows into Bitcoin markets.
- Previous similar USDT minting events preceded major Bitcoin price surges, raising bullish expectations.
- The market watches closely ahead of the FOMC meeting, with macro events potentially accelerating Bitcoin’s breakout.
Bitcoin (BTC) appears to be gearing up for a potential breakout as bullish momentum builds across the crypto market following weeks of heightened volatility driven by macroeconomic uncertainty. After enduring prolonged market fluctuations, Bitcoin is now forming a key reversal pattern, approaching critical Fibonacci retracement levels that traders closely monitor as potential signals for price recovery.
At the time of writing, Bitcoin is trading at $ 104,474 with a 24-hour trading volume of $ 44.10B, a market cap of $ 2.07T. The BTC price decreased -1.19% in the last 24 hours.
Prominent crypto analyst TitaniumXBTC has pointed out encouraging signs in BTC’s short-term price action. Despite briefly dipping below the 0.618 Fibonacci level, the formation of a higher low above the 0.786 retracement level indicates that bullish momentum remains intact. This setup suggests increasing buyer confidence, with potential upside targets now being projected.
According to TitaniumXBTC, Bitcoin may soon test resistance levels at $106,061.72 and $109,507.92. Should the bullish trend sustain, the next major target lies at $119,164.75, a level that could signal a more significant breakout if reached.
Moreover, BTC price prediction for 2025 ranges from $120K to $200K as BTC gains from ETF flows and supply tightening.
BTC could reach $1 million per coin by 2030, say experts like Cathie Wood’s ARK Invest, citing long-term adoption. Current bitcoin price trends and on-chain data support bullish BTC price forecasts amid strong market momentum.
Bitcoin Eyes New Highs as Tether Mints 1B USDT
Adding fuel to bullish speculation, blockchain tracking platform Whale Alert reported a significant USDT minting event. Approximately 30 minutes before reporting, Tether issued a fresh batch of 1 billion USDT on the Ethereum blockchain. Notably, shortly after the minting, around 225 million USDT was swiftly transferred to Bitfinex, a sister company to Tether, suggesting possible preparations for increased market activity.
These developments come just ahead of a closely watched Federal Open Market Committee (FOMC) meeting later today, adding to market anticipation. Historically, an increase in stablecoin supply, particularly when funneled to exchanges, has often served as “dry powder” for traders looking to deploy fresh capital into Bitcoin and other crypto assets.
Analytics account Lookonchain highlighted the potential bullish implications, noting that during the two previous occasions when Tether minted comparable amounts of USDT, BTC saw significant price surges shortly afterward. “The last two times Tether minted $USDT, BTC pumped,” Lookonchain tweeted, raising expectations for another possible price rally.
With bullish technical patterns emerging, stablecoin supply expanding, and major macroeconomic events on the horizon, market participants remain on high alert for BTC’s next major move, which could potentially push it toward fresh yearly highs if current momentum continues.
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