Market Analysis by MarketPulse (Zain Vawda) covering: Bitcoin US Dollar, Bitcoin. Read MarketPulse (Zain Vawda)'s Market Analysis on Investing.com
prices continue to rise and print fresh highs as speculation continues to grow around a favorable outlook toward crypto from the incoming Trump administration. To further support these rumors, leaks about a potential White House crypto expert appointment and rumors of Trumps social media companies interest in a buyout of crypto trading firm Bakkt has aided the rally.
The derivatives market is a big factor in Bitcoin’s price increase. Bitcoin’s Open Interest, which shows how many contracts are active, has reached $63 billion. This is a record amount and is much higher than in 2021 when it was over $20 billion. Back then, Bitcoin’s price was at its highest, around $69,000.The derivatives market surge does pose risks however with volatility expected to be higher and price swings a more common occurrence.
The rise in ETF adoption is likely to continue now given the hype around the Trump Presidency and his perceived pro crypto stance. If the ETF flows continue to grow it is likely that we have not seen the last of the current Bitcoin rally.Since then, we have had 3 consecutive days of gains boosted by a combination of factors. The difficult part about the technical outlook is that there is no historical price action to base any analysis off.
For now, immediate support is at 95000 with a break lower eyeing a move toward 91804 and then the 90000 psychological level.
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