Bitcoin Breaks Through Selling Resistance: Are New Highs on the Horizon?
The cryptocurrency market reached historic highs of $3.73 trillion at the start of Asian trade and $3.71 trillion at the time of writing. The market absorbed Bitcoin's upcoming selling near psychologically critical levels and rose.
Bitcoin rose 3% yesterday, surpassing the market. Bullish sentiment is confirmed by this morning's surge over $106K. This is crucial following a three-week consolidation at $100K. If conventional financial market news doesn't halt this rise, growth may accelerate.
Ethereum is battling around $4000 after rebounding from a 15% decline 10 days ago. The second-largest cryptocurrency might break round-level resistance and reach $4800, its all-time high.
Bitcoin rises 3-6% for every $1 billion in the BTC ETF, according to cryptocurrency bank Signum. A "demand shock" in 2025 is expected from institutional interest in the asset.
Texas and other US governments are considering Bitcoin reserves. At least eleven states intend strategic Bitcoin reserve legislation, according to Satoshi Action Fund.
According to JPMorgan, publicly listed mining businesses are using MicroStrategy to buy bitcoins for their balance sheets. Companies are issuing bonds and stocks to finance operations and not selling mined currencies.
The Nasdaq 100 will incorporate MicroStrategy shares on December 23. Equity ETFs, like the $325 billion Invesco QQQ trust, will automatically acquire them.
Avalanche raised $250 million in a closed token sale before the 16 December Avalanche9000 update.
Kraken found that 73% of respondents would invest in bitcoin in 2025. However, just 8% think bitcoins represent a financial pyramid scheme.
