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Crypto Writer
Arslan Butt
Crypto Writer
Arslan Butt
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Bitcoin price is trading around $88,290 today, pulling back after briefly reaching a record high of $93,409 on Thursday, November 14.
The surge was fueled by President-elect Donald Trump’s recent commitment to loosen digital currency regulations, with a vision to position the U.S. as a leading hub for Bitcoin and cryptocurrency.
Adding to the optimism, Polymarket’s prediction market shows a 76% chance of BTC reaching $100,000 by 2025, with over $13 million bet on this milestone.
This combination of regulatory support and strong market sentiment underscores investor confidence in Bitcoin’s upward potential.
Polymarket Bets and Market Optimism Fuel Confidence in Bitcoin’s Price Surge
Polymarket, a popular cryptocurrency prediction platform, is seeing significant activity with bets on Bitcoin reaching $100,000.
On November 14, Bitcoin’s price surged to $93,400 before settling around $88,290, spurred by President-elect Donald Trump’s pro-Bitcoin stance. This regulatory support has energized investors, driving Polymarket users to wager over $13 million on Bitcoin’s future.
Notably, Polymarket’s odds now indicate a 76% chance of Bitcoin hitting $100,000 by 2025, with some bets predicting a potential high of $105,000.
This surge in betting volume and market confidence on Polymarket reflects robust investor optimism, suggesting that Bitcoin’s price momentum could continue upward as regulatory support strengthens and market enthusiasm grows.
Government and Corporate Moves to Drive Bitcoin Demand and Price Surge
The U.S. government plans to buy over 5% of Bitcoin’s total supply and hold it for 20 years. This bipartisan-backed move aims to stabilize Bitcoin’s value and could inspire other countries to follow, driving global demand.
Corporations are also showing strong interest. MicroStrategy recently acquired 27,200 BTC (about $2 billion) by selling shares and debt, leading to a 2,500% stock surge since 2020, underscoring its confidence in Bitcoin’s potential.
Microsoft faces pressure from shareholders to invest in Bitcoin as a hedge against inflation, with a proposal up for discussion at its December 10 meeting. If approved, Microsoft’s entry could inspire more corporate investments in Bitcoin, further boosting its price.
- Key Points:
- U.S. government plans long-term Bitcoin investment.
- MicroStrategy and potential Microsoft investments.
- Increased demand likely to push Bitcoin prices higher.
Strong Inflows into Bitcoin and Ethereum ETFs Boost Investor Confidence
Another factor that has been boosting Bitcoin’s price is the continued positive inflows into spot Bitcoin exchange-traded funds (ETFs) in the U.S. On November 13, Bitcoin surpassed $93,000 for the first time, and spot Bitcoin ETFs saw net inflows of $510 million.
Over the past six days, these ETFs have received a total of $4.73 billion in inflows. BlackRock’s IBIT led the group with $230.81 million in inflows, and it has attracted over $29 billion since its launch, making it the fastest-growing ETF.
This strong investor interest in Bitcoin ETFs is also highlighted by the growing trading volumes. On November 13, the total trading volume for the 12 spot Bitcoin ETFs reached a record $8.07 billion, with BlackRock’s IBIT alone accounting for $5.37 billion of that. As Bitcoin reached new highs, more investors are turning to Bitcoin ETFs to gain exposure to the asset.
Similarly, Ethereum ETFs are also seeing positive inflows. On November 13, Ethereum funds recorded $146.89 million in inflows, with Fidelity’s FETH attracting the largest share. Over the last six days, these ETFs have brought in over $800 million in total, further showing growing investor confidence in both Bitcoin and Ethereum.
Bitcoin Consolidates Near $88,800 Pivot: Breakout on the Horizon?
Bitcoin (BTC/USD) is trading around $88,290, showing a slight decline of 0.14% in the past hour on the 1-hour timeframe.
Currently consolidating between the $88,800 pivot level and immediate support at $86,690, Bitcoin is forming a symmetrical triangle, signaling potential for a breakout.
Key resistance levels stand at $91,630 and $93,450, while further support lies at $85,200 and $83,650. The 50-EMA at $88,790 indicates neutral momentum, while the RSI around 45 suggests a balance in buying and selling pressure.
A breakout above the triangle’s upper bound could push BTC to retest resistance, whereas a breakdown may see it challenge lower support levels.
Key Insights:
- Bitcoin consolidates near $88,800 pivot within a symmetrical triangle.Immediate support at $86,690, with stronger support at $85,200.RSI at 45 points to neutral sentiment; breakout potential remains.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
