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Bitcoin has switched its former resistance into support, as Tether's market capitalization continues to rise swiftly in 2024.
Tether, the world's largest stablecoin, has issued another $1 billion, raising its market capitalization above $110 billion, potentially catalyzing Bitcoin's next climb to new highs.
Tether's $1 Billion USDT Issuance and Bitcoin Investment Drive Price Surge
Tether's Treasury issued $1 billion in USDT within the last 24 hours, increasing its yearly total to $31 billion, Cointelegraph.
According to a May 17 post from Lookonchain, the newly produced USDT was a major reason why the Bitcoin price increased from $27,000 to $73,000.
Tether may potentially directly contribute to Bitcoin's surge, since the company said that it will invest 15% of its net profit in Bitcoin to diversify the stablecoin's supporting assets.
Tether purchased 8,888 Bitcoin for $618 million on March 31, giving the stablecoin issuer the world's seventh-largest Bitcoin holder, according to Bitinfocharts. Tether's wallet now contains approximately 78,317 BTC, worth more than $5.18 billion, one year after announcing its intention to diversify into Bitcoin.
Meanwhile, Bitcoin's price behavior remains heavily influenced by institutional inflows into spot Bitcoin exchange-traded funds (ETFs). According to Dune, inflows from US Bitcoin ETFs had their second week of net positive outflows, totaling more than $200 million in overall net flows.
Institutional inflows from ETFs contributed significantly to Bitcoin's recent surge to new all-time highs. By February 15, Bitcoin ETFs accounted for over 75% of new investment in the world's largest cryptocurrency, which had reached the $50,000 mark.
Bitcoin Reclaims Major Support Levels Amid Forecasted Pullback to $63,500
Bitcoin's price movement has reaffirmed yesterday's breakout on the daily chart, with the $65,000 level acting as a significant support for BTC, according to TradingView.
Another encouraging clue for investors is that Bitcoin has turned its old resistance into support on the monthly chart, according to a May 16 X post by prominent crypto analyst Rekt Capital:
"Bitcoin has successfully turned the old major resistance into a new major support."
However, Bitcoin may have a short fall to below $63,500 before reclaiming the psychological mark of $70,000, according to ScorehoodAI's artificial intelligence-based forecasts system, as stated in a May 16 X post:
“Now it is time for a temporary pull-back to around $63,000 - $63.500 for Bitcoin! As we reclaimed $65,000 and are on the the way to $70,000+, this will be a healthy pullback for liquidating high-leveraged greedy traders!”
According to Coinglass statistics, a hypothetical Bitcoin decline to below $63,500 would result in the liquidation of nearly $1.76 billion in cumulative leveraged long holdings. Liquidations would total $1.87 billion, or less than $63,000.
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