BTC Star Keeps Rising
The rise of Bitcoin and the crypto market in general this year has been one of the standout market moves. The induction of BTC ETFs earlier this year, and later ETH ETFs, opened the crypto market to institutional players for the first time and the impact has been clear. Soaring demand for BTC ETFs has seen the market gaining rapidly in recent weeks with institutional players looking to capitalise on an expected bull market under the new Trump administration. News of state funds rushing to snap up remaining BTC has further endorsed this view. This week, inflows to both BTC and ETH ETFs were seen reaching record highs with BTC prices topping the $90k mark for the first time. Despite its naysayers, BTC hit a momentous milestone this week as it overtook silver to become the 8th largest asset in the world by market cap.
Correction Risks Near-Term
Near-term, there is room for BTC to consolidate and correct lower as traders digest the recent run higher. With USD breaking out to fresh highs for the year, there is plenty of action elsewhere that can take the spotlight off BTC for a while. Additionally, those looking to take profit on the recent bull move will likely grow in number as we head towards the end of the year. However, into January when Trump takes office, the prospects for BTC look firmly bullish and the asset will certainly be high up on the list of many people’s top trades for 2025.
Technical Views
BTC
The rally in BTC remains stalled for now into the 1.61% fib extension at the 91,025 level. Momentum studies remain bullish, and while price is vulnerable to a correction near-term, the bull view remains intact towards the 2% extension next at 100k, while price holds above 74,140.
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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.