Bitcoin surpasses $80,000 for the first time, achieving a market cap of over $1.5 trillion. BlackRock and Fidelity’s ETFs contributed an additional $1.6 billion, underscoring strong institutional interest. The cryptocurrency’s price reached $81,000, setting a historic high shortly after Donald Trump’s U.S. presidential election win. Major tokens like Ethereum, Dogecoin, and Cardano have also experienced significant gains, mirroring a widespread bullish trend in the crypto market.
During his campaign, Trump vowed to position the U.S. as a leader in cryptocurrency, proposing a Bitcoin reserve strategy and promising to appoint pro-crypto regulators. Since his November 6 victory, Bitcoin has climbed by 15.65%, marking its best weekly performance since February.
Bitcoin’s rally builds on an approximately 81% rise in 2024, driven by robust demand for U.S.-based Bitcoin ETFs and recent interest rate cuts. Bitcoin has thus outperformed traditional investments like stocks and gold. Notably, BlackRock recorded its largest Bitcoin inflow last week, adding $1.12 billion, reflecting institutional confidence and raising expectations for a sustained bull market, with analysts eyeing a potential $100,000 milestone.
Rising Bitcoin Withdrawals as Bullish Indicators Persist In a recent report, Alex Thorn, head of research at Galaxy Digital, emphasized the potential for a “golden era” for crypto under Trump’s administration, given his pro-crypto stance and team of industry advocates, which could lead to favorable policy shifts for the sector.
Data from Binance reveals an uptick in withdrawals, suggesting that major holders are transferring assets off exchanges for added security. In the past hour, five new wallets withdrew a total of 745.5 BTC, valued at $59 million. Since November 6, a total of 32 new wallets have withdrawn 5,364 BTC, equivalent to $425 million, highlighting a trend of increased outflows from Binance.
Technical indicators further support the bullish outlook, with Bitcoin’s Relative Strength Index (RSI) at 78.67, signaling strong buying activity. The 9-day and 21-day moving averages continue to rise, with recent crossovers strengthening upward momentum.
If Bitcoin breaks past the $82,000 resistance, it could advance toward the long-anticipated $100,000 level. On the downside, support is set at $77,500 and $74,700, which could provide price stability if a correction occurs.
