New Tether Mining has begun speculation that Bitcoin prices could rise above $ 60,000

Information from WhaleBot Alerts indicates that an unknown source has just minted $ 500,000,000 USDT tokens worth $ 497,832,540 in the Tether Treasury. This transaction was recently made 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 to make a big buy of Bitcoin. This could have an impact on Bitcoin prices, especially if Binance founder Changpeng Zhao states that Bitcoin is the only other coin he owns besides his exchange’s Binance coin.

Bitcoin prices fell on the day but are at their lows for the day 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 preserve the consolidation phase of Bitcoin price action on the daily chart. With more than 75% of the distance already traveled from the base of the triangle to the tip, we could see attempts at breakout.

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

On the other hand, a collapse of the triangle opens the door for BTC / USD to target the support zone, which is top 54,926.24 and bottom is 53,319.16. Below this level, 52,672.43 and 50,006.75 levels of psychological support make additional targets in the south.

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BTC / USD Daily Chart

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