Bitcoin is currently trading above a significant trendline, which could lead to a surge to $100,000. MicroStrategy recently purchased 51,780 BTC in its largest single purchase to date, and has plans to buy even more through a $1.75 billion offer. Other companies, like Marathon and Metaplanet, are following MicroStrategy’s lead in buying Bitcoin.
The momentum for Bitcoin could be building, and the U.S. Spot Bitcoin ETFs are also starting to buy again. The short-term chart shows Bitcoin holding above an ascending trendline and forming an ascending triangle, which usually breaks out to the upside. The monthly chart shows a huge candle for this month, dwarfing previous candles.
However, there is a potential concern for 2025 in the Relative Strength Index, which could indicate a top and signal the end of the bull market.
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<p>The post Institutional Bitcoin Buying Spree Continues, Eyes $100,000 Target first appeared on CoinBuzzFeed.</p>
