Bitcoin has shown significant growth by surpassing a key resistance level, driven by increased hash rate and institutional investor activity.
Bitcoin's Rise and Its Causes
During the latest trading day, Bitcoin breached the resistance range between $98,685.01 and $99,583.64, reaching highs above $102,000. The main reasons for this rise include the increase in hash rate to all-time highs, rising mining difficulty, Michael Saylor buying more Bitcoin, and Donald Trump soon taking office.
ETF Market Movement and Institutional Support
After the price rose above the consolidation, ETFs have seen significant inflows. In the past week, net flows exceeded $900 million for the second consecutive day, indicating that institutions are active and buying more Bitcoin than is mined daily.
Prospects and Market Impact in 2024
In 2024, U.S. politics will play a significant role in the crypto market. The launch of spot ETFs and Donald Trump's pro-crypto stance have led to growth. Future price surges could depend on U.S. Bitcoin policy.
Bitcoin has held above $102,000, and further growth may depend on institutional support and political influences in the U.S. Whether this level holds or a pullback occurs remains to be seen.
