Bitcoin recently surpassed the $100,000 mark, experiencing a notable increase of over 4% within a 24-hour period and marking an impressive weekly rise of 11%. This surge is attributed to renewed investor enthusiasm following the anticipated confirmation of Donald Trump's US election victory by Congress.
The optimism surrounding Bitcoin is largely due to expectations of a pro-crypto administration under Trump. Additionally, a substantial influx of investment into Bitcoin exchange-traded funds (ETFs) has further fueled the cryptocurrency's momentum.
Recent data indicates that investors poured a net $908 million into US Bitcoin ETFs, marking the fifth-highest inflow since their inception in January 2024.
The recovery of the Bitcoin Coinbase Premium, which measures the price difference between Bitcoin on Coinbase and Binance, serves as another positive indicator for traders.
From a technical analysis perspective, market expert Morecryptoonl highlighted the formation of a distinct five-wave pattern for Bitcoin, with a bearish outcome still possible if certain support levels are breached.
The purchasing trend for Bitcoin ETFs remains robust, driven by seasonal influences as Inauguration Day approaches.
The interplay between political developments and market dynamics is crucial as investors navigate the evolving landscape of cryptocurrency.