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Bitcoin: new ATH at $106k. The bullish rally WON'T STOP
By Davide Grammatica
Bitcoin price touches $106k despite heavy liquidations last week. MicroStrategy contributes, but so does the Fed.
BTC's rally above $100k
Bitcoin relaunches above $106k in the face of last week’s record liquidations and psychological support that seemed hard to defend. It is the effect of the crypto industry’s golden moment, supported by a community in full euphoria and the winds of change in the US from a regulatory perspective.
But it is also a demonstration of how much today’s premier cryptocurrency no longer depends directly on the moods of retail investors. Its costly bullish movement in recent months is the child, much more likely, of support from institutional demand, which is also these days touching its highs via ETFs.
Everyone contributes to the uptrend
The environment is made particularly bullish, moreover, by several circumstances. We have more often than not of Donald Trump’s plan to launch a national BTC reserve, and this idea has been revived just recently, with the U.S. president stating that he intends to “do something big” with cryptocurrencies.
It is the same idea as Blackrock, which has reaffirmed its intentions to focus on expanding its crypto ETFs, and definitely as MicroStrategy, which, in addition to continuing to buy BTC at its highs in the billion-dollar range, is now also listed on the Nasdaq 100.
The news can only fuel new demand for BTC, which now finds itself integrated with the mechanisms of traditional finance as never before.
To all this then could also be added the Fed, for a macroeconomic environment that could also contribute to BTC’s rally. Scheduled for Wednesday, the FOMC could decree a new cut to U.S. interest rates of 25 basis points, and for FedWatch the chances are at 97.1 percent.
