- Bitcoin crosses $80,000 for the first time, with a market cap exceeding $1.5 trillion.
- BlackRock and Fidelity ETFs add over $1.6 billion to Bitcoin, signaling institutional demand.
Bitcoin’s price has soared past the $81,000 mark, setting a new record in market history, with the cryptocurrency reaching a market cap of over $1.5 trillion just days after Donald Trump’s election as President of the United States. Tokens including Ethereum, Dogecoin, and Cardano, have also seen notable gains, reflecting broader bullish sentiment in the crypto market.
During his campaign, Trump promised to make the U.S. a global crypto leader, proposing a strategic Bitcoin reserve and pledging to appoint pro-crypto regulators. Since his victory on November 6, Bitcoin has surged by 15.65%, marking its best weekly performance since February.
The current Bitcoin rally builds on a roughly 81% increase in 2024, spurred by strong demand for U.S.-based Bitcoin ETFs and interest rate cuts. This growth rate has positioned BTC as as an outperformer relative to traditional investments like stocks and gold. ETF activity, particularly from BlackRock, has played a substantial role in this upward trend.
BlackRock recorded its largest-ever Bitcoin inflow, adding $1.12 billion in Bitcoin holdings last week. This influx signals institutional confidence in Bitcoin, further amplifying anticipation for a prolonged bull run, with analysts projecting that Bitcoin could approach the $100,000 mark in the coming weeks.
Bitcoin Withdrawals Surge as RSI Signals Bullish Momentum
In a recent research note, Alex Thorn, head of research at Galaxy Digital, highlighted the potential for a “golden era” for crypto under Trump’s administration. Trump’s pro-crypto stance, combined with a team of crypto advocates, could lead to significant policy shifts benefiting the industry.
Meanwhile, recent data on Binance reveals intensified withdrawals, suggesting that major holders are moving their assets off exchanges to secure them. In the past hour alone, five new wallets withdrew 745.5 BTC, worth $59 million. Since November 6, a total of 32 fresh wallets have withdrawn 5,364 BTC, equating to $425 million, reflecting a trend of heightened outflows from Binance.
Technical analysis supports the bullish sentiment, with Bitcoin’s Relative Strength Index (RSI) currently overbought at 78.67, indicating strong buying momentum. The 9-day and 21-day moving averages continue to trend upward, with recent crossovers reinforcing upward momentum.
If Bitcoin breaks its nearest resistance level of $82,000, it could continue its ascent toward the highly anticipated $100,000 mark. On the downside, support levels stand at $77,500 and $74,700, where prices may find stability if a correction occurs.
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