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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin (BTC) Price Rally And Recent Influx of USD Directly Correlate

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
technical analysis bitcoin

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  • Bitcoin (BTC) adds 8.1 percent
  • USDT minting correlates with USD expansion says, Jesse Powell

Kraken CEO, Jesse Powell, is confident that there is no link between BTC prices and USDT minting. At the time of press, BTC is up 8.1 percent in the last day.

Bitcoin Price Analysis

Fundamentals

Differentiating between “true demand” and speculation is hard. Critics are adamant that crypto assets are speculative and highly volatile.

Although Bitcoin can be a perfect hedge against faltering traditional asset and increasingly embraced by fund managers, rapid price changes present a problem for conservative investors or traders. Bearing the brunt of it all is Tether Limited, the issuer of Tether, USDT.

Tether is the world’s most capitalized stablecoin. Critics say the coin is used as a tool for manipulating Bitcoin prices. For instance, coinciding with Bitcoin price surges, the Tether Treasury minted more USDT to keep up with the Stablecoin’s demand.

Explaining this unsettling coincidence and clearing any air of doubt, Will Harborne, the founder of EthFinex, said investors had “preordered batches of tethers” in anticipation of price expansion.

While Will’s explanation is plausible, Jesse Powell is against the grain, decoupling from allegations linking Bitcoin’s price rally and USDT minting. Extolling Tether’s transparency, the Kraken CEO in an interview with TD Ameritrade Network said:

“I don’t have inside knowledge of what’s happening at Tether, but I can tell you that, historically, when you’ve seen growth in the supply of Tether, we’ve seen growth in the supply of U.S. dollars coming onto Kraken. And other exchanges would report the same. Recently, we’ve had massive inflows of fiat currency, so I believe the Tether prints are a result of new fiat coming in.”

Candlestick Arrangements

Bitcoin BTC

At press time, BTC is trading 8.1 percent higher than yesterday’s close. Technically, BTC is bullish. Following the double bar bull reversal pattern of July 1st and 2nd reacting from the middle Bollinger Band, today’s candlestick may confirm demand of the last three months.

Ideally, it would be perfect if bulls build sufficient momentum to reverse losses of July 27 complete with ultra-high trading volumes surpassing those of June 26. Such a move shall confirm buyers, triggering conservative traders to initiate long positions while aiming at $15,000.

On the reverse side, even though aggressive can buy the dips with stops at $9,500, any drawdown driving prices below this minor support could see BTC crumble to $7,500 or lower in line with previous BTC/USD trade plans.

Technical Indicators

Aforementioned, June 26 bull candlestick anchors this trade plan. Narrow as it is, the bar has high trade volumes. Any recovery that will see BTC blast past June highs should ideally be with high participation level exceeding 82k.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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