It has long been observed that the release Tether new token USDT directly affects the price of bitcoin. Yesterday released the Tether 150 million USDT on the Ethereum blockchain and market capitalization stablon reached a new high since the beginning of the year. Should we expect that the price of bitcoin will follow suit?
The above chart, compiled by analyst Bitcoinist, we see a direct connection between bitcoin price and market capitalization Tether.
If we look at October of last year, we will see that the market capitalization of the Tether began to decline rapidly in anticipation of the November bear market. Then stablein recovered a month before the passage of the bitcoin bottom in December. Currently this relationship is interesting because market cap USDT parabolicheskie has grown over the last 5 weeks along with the price of bitcoin, while staying in the range of $7535 to $8150.
From this we can conclude that the new infusion tokens Tether could push the bitcoin price to a new high over the next few weeks.
On 4-hour chart BTC/USD, we see a promising bullish momentum.
On the RSI indicator line reached significantly higher lows, while the price remained unchanged. This contradiction is a bullish signal and supports the idea that a breakthrough may happen in the near future. Two moving averages on the MACD also grow well.
Sloping resistance level (yellow line) has played a key role in the last two weeks in containing the prices of bitcoin . If we see a closing candle above this level, it will probably be an early signal to traders that the price of bitcoin is entering a new bullish phase and it will break the downtrend.
At the moment, however, we can see that betoken still remains in the range between Fibonacci levels 0.382 and 0.236. A lower base support $7535 will be an important level of bitcoin prices in the short term.