Bitcoin Pushing Higher
Bitcoin prices are pushing higher again today as the market continues to find support on the back of bullish comments from Trump late last week. Trump reaffirmed his commitment to supporting the crypto sector, saying he had great things planned for Bitcoin, including plans for a strategic Bitcoin reserve. BTC broke out to fresh, all-time highs today above $107 today, keeping the focus on further upside near-term.
Trump Optimism
Optimism ahead of Trump taking office next month has been a key driver of BTC upside over Q4. While momentum had slowed through November, prices are now regaining an upside footing and look poised for further gains through the New Year. The key now will be how quickly Trump takes action on crypto next month and what these initial policy moves looks like.
Institutional Demand Soaring
Institutional demand for BTC has soared in recent weeks with industry data reflecting 13 consecutive days of net-inflows through Dec 16th. Yesterday saw a record $637 million net-inflows, a new, one-day record. BTC ETFs have now seen net-inflows for 7 of the last 9 weeks, reflecting the surge in bullish sentiment. While this dynamic continues, prices look set for further upside near-term. As this bullish position grows, however, volatility risks are also seen with the market vulnerable to long-squeezes on any negative crypto headlines.
Technical Views
BTC
The rally in BTC has seen the market trading up to test the $107,85 level and the bull channel highs. While price holds above the $00,19 level and the bull channel lows, focus is on a continuation higher in line with bullish momentum studies readings.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.