Crypto Daily - Bitcoin ($BTC) is currently above the three and a half year trendline that bisects both tops of the 2021 bull market. As Bitcoin consolidates above this trendline, the final surge to $100,000 is within its sights.
Yet another huge BTC purchase for MicroStrategy
As Bitcoin consolidates at around $91,000, the institutional buying of the world’s scarcest asset goes on, and on, and on. Hardly more than several days since MicroStrategy bought a huge pile of 27,200 BTC, Michael Saylor’s company has done it again, and this time with an even bigger haul.On Monday it was announced that MicroStrategy had bought another 51,780 BTC. In dollar terms, this was the biggest purchase ever by MicroStrategy, costing $4.6 billion. Straight away after this latest buying spree, MicroStrategy announced a $1.75 billion offer with which to buy even more Bitcoin.
Marathon, and Metaplanet follow MicroStrategy playbook
Having seen what MicroStrategy has been doing with its infinite money glitch, other companies are following suit. Marathon ($MARA), the big Bitcoin miner, announced $700 million in convertible senior notes so that it can buy more BTC. In addition, Japanese company Metaplanet issued a 1.75 billion yen debt offering with which to buy BTC.If one factors in the strong possibility that other sovereigns, besides El Salvador and Bhutan, are secretly setting up Bitcoin treasuries, and without even mentioning the potential for a Bitcoin Strategic Reserve in the US, the momentum building underneath the Bitcoin price could be about to act as jet propellant.
Spot Bitcoin ETFs buying again
Finally, the U.S. Spot Bitcoin ETFs started buying again, mostly inspired by Blackrock’s IBIT fund. The fund bought nearly 1,000 BTC, bringing Monday’s total inflow to 2,830 BTC.$BTC in short-term ascending triangle
Source: TradingView
The short-term chart for $BTC shows how the price is starting to hold above the ascending trendline that stretches from the two tops of the 2021 bull market. In addition, an ascending triangle has been forming. The price is tracking sideways within this triangle, making higher lows as it goes. Ascending triangles usually break out to the upside, and given that the trend is up, this is likely to happen.
Bitcoin macro picture shows there is still runway ahead
Source: TradingView
The monthly chart for Bitcoin provides a macro view. Here it can be seen how this month’s huge candle dwarfs all those that have gone before. With another 11 days left in the month, it will be important for the bulls to keep the price above the ascending trendline.
Looking at the Stochastic RSI just below the chart, it can be seen that the two indicator lines have crossed up beautifully from the 50.00 level, leaving quite a way to go before this momentum tops out.
Macro (BCBA:BMAm) concern for 2025
Just below this is the Relative Strength Index, which indicates how much Bitcoin is either over or undersold. There is a trendline that stretches all the way back to late 2017 and skims the 2021 bull market top. The indicator line possibly has until it reaches this trendline, before it could turn back down. This would indicate a very overbought state for Bitcoin and has the potential to signal a top. This would also signal very strong bearish divergence, and could bring about the end of the bull market.Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.