Popular cryptocurrency analyst Crypto Rover examines the potential impact of recent Tether (USDT) printing on Bitcoin in his latest YouTube video.
Over the past 48 hours, Tether has printed over $2 billion worth of USDT stablecoins. As Crypto Rover highlights, “Tether printed more than 2 billion US dollars in the past 48 hours, and we exactly know what it does to Bitcoin.” Tether printing has preceded major Bitcoin price rallies in the past. With fresh capital entering the market, Bitcoin’s price could be poised for its next leg up.
In his market analysis, Crypto Rover points to the CME gap above Bitcoin’s current trading range as a potential upside target. “Right now, we have created the CME close price around 37.5k, while in fact, Bitcoin is trading below it, creating a CME gap towards the upside,” he notes.
Despite declining open interest after a local top, Bitcoin has continued climbing higher. “The open interest on Bitcoin really got wiped out, but Bitcoin is still managing to creep up higher, which means there is a lot of interest in the market to be buying more Bitcoin,” says Crypto Rover. Holding firmly above $37,000 is also a positive sign of buying demand.
Meanwhile, very negative funding rates suggest an overheated derivatives market, with excessive leverage from long positions. “The funding rates remain to be very negative, basically meaning that people are overly trading Bitcoin long at this exact moment,” Crypto Rover comments.
From a technical perspective, Crypto Rover highlights a symmetrical triangle formation on the 4-hour chart that could break out upwards. “Bitcoin is creating that 4-hour symmetrical triangle and breaking outside of this pattern towards the upside,” he remarks.
If Bitcoin confirms this bullish technical breakout, Crypto Rover’s analysis indicates the rally could continue towards new highs. “We’re currently still hanging around the price target that we’ve already reached,” he concludes.
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