It's been a long time since we've talked about Bitcoin!
At the beginning of this month, Bitcoin experienced a significant increase and then consolidated for a period of time. It may be entering the next stage of upward movement, with the potential to reach 100,000, or even higher.
Since breaking away from the bull market marker, the price of Bitcoin has soared. Specifically, the increase reached 42.6%, which is equivalent to an increase of 27,000 dollars in USD terms. Such a huge price surge makes it reasonable for the price to stagnate in the past few days, after all, the market needs time to digest such drastic fluctuations.
This positive price trend may stimulate U.S. spot Bitcoin ETFs to resume their buying mode. Last Thursday and Friday, these ETFs sold BTC worth over 7,000 dollars. Even so, compared to the massive net inflow experienced by the ETFs the previous week, this is merely trivial.
It may not only be the U.S. spot Bitcoin ETFs that will make purchases. It seems that this is not enough to excite Bitcoin bulls; Senator Cynthia Lummis has proposed replacing part of the U.S. gold reserves with Bitcoin. Lummis, as a senator, is preparing a bill aimed at establishing a U.S. Bitcoin Strategic Reserve. If the holder of the world's reserve currency establishes such a strategic reserve and exchanges part of its gold for Bitcoin, other sovereign nations are likely to follow suit and purchase Bitcoin, triggering a true buying frenzy.
The 4-hour chart shows that we are currently in a triangular range. The upward trend line and the 1.414 Fibonacci level have already been broken, and an upward trend is present, so it can be expected that the price will break out of the triangle and continue to rise.
The two-week chart allows us to gain a clearer understanding of Bitcoin's price trend. The strong momentum brought about by the breakout of the bull flag will push the price above the upward trend line. If this situation occurs two weeks later, and the candle body closes above, it will largely confirm the continuation of this bullish price trend.
At the bottom of the chart, the stochastic RSI indicator shows that there may still be significant upward potential for the price, with both indicator lines rising, indicating that Bitcoin has strong upward momentum in the future.