New tether mining has begun speculation that Bitcoin prices could soar to over $ 60,000

By Ted Brockmeier On Dec 21, 2021

[adrotate group=”3″]

Information from WhaleBot Alerts suggests that an unknown source has just deposited 500,000,000 USDT tokens worth $ 497,832,540 in the Tether Treasury. This transaction was recently carried out on the Ethereum blockchain.

Such a large-scale minting of Tether has traditionally been used to make large-scale purchases of major cryptocurrencies such as Bitcoin. With Bitcoin prices trading in a consolidation pattern for several weeks, there has been speculation that whales may be preparing for a big Bitcoin purchase. This could have an impact on Bitcoin prices, especially since Binance founder Changpeng Zhao states that Bitcoin is the only other coin he owns besides the Binance coin on his exchange.

Bitcoin prices fell on the day but are outside of the intraday lows as some demand creeps into the BTC / USD pair.

Technical outlook for BTC / USD

Today’s decline and subsequent rejection at the lower limit of the triangle preserves the consolidation phase of the Bitcoin price movement on the daily chart. With more than 75% of the distance from the base of the triangle to the apex already covered, we saw attempts to break out.

A successful breach of the upper limit of the triangle also reveals the resistance at 58363.33 and opens the door to the psychological resistance at 60,000. Bulls would have to see this psychological barrier removed along with the all-time high of 61788.45 for bitcoin prices to have a free run towards 63,713.22 (141.4% Fibonacci extension from the December 10, 2020 to 8 December 2020 swing movement). January 2021). Above that level, the 161.8% Fibonacci expansion at 68,729.79 could be a target to watch for in the future.