Tether (USDT) Minting Could Propel Bitcoin (BTC) Price Beyond $73,700?

The Bitcoin (BTC) price has broken free from its recent consolidation phase, breaching the $60,000 mark and setting its sights on critical resistance

Bitcoin (BTC) price bounded off the $60,000 mark on Monday, continuing its recent consolidation as the world’s largest cryptocurrency trades in a narrow range.

This pause in Bitcoin’s bullish momentum comes after a rapid ascent that saw BTC setting new all-time highs (ATHs) above $73,000 earlier this year. However, key indicators suggest that the bulls may not be done yet, and further upside could be on the horizon.

Bitcoin Price Pauses At $60,000 As Bulls Prepare For Next Leg Up

After reaching a new record high of $73,700 on March 29, the Bitcoin price has been consolidating within a range, with lower highs and higher lows.

This consolidation has occurred as the bulls gather strength for the next leg up, which could see BTC targeting the $73,700 level once again. However, a sustained breakout above this resistance is necessary to propel Bitcoin toward new ATHs.

Crucial Support Levels To Watch For Bitcoin

On the lower time frames, Bitcoin price action forms a symmetrical triangle pattern, as noted by crypto analyst Ali Martinez.

A daily close outside the $59,000 range seen in the past 48 hours could trigger a spike of up to 4.8% for BTC. Currently, BTC is trading at $61,350, up only 2.8% in the last hours of Tuesday’s trading session.

Losing this support level could lead to a drop toward the $56,000-$57,000 demand zone, where buyers are likely to step in to prevent further downside pressure.

Crypto Analyst: Tether Printing Entscheidend For BTC To Surpass $73,700 ATH

Technical analysts are closely monitoring the role of Tether (USDT) in Bitcoin’s price dynamics.

Despite Bitcoin’s consolidation below the $60,000 mark over the past 48 hours, Doctor Profit noted that Tether has continued to print more USDT, with its market capitalization increasing by 13.6% since Bitcoin’s all-time high in March.

“Usually, Tether market cap needs to drop in a bear market or strong correction,” observed Doctor Profit. “However, this move indicates that Tether is heavily printing during this sideways period for the next leg up. We now have $15 billion worth of USDT that has not been injected into the markets yet.”

The analyst further pointed out that just today, an additional $1 billion in USDT was minted, suggesting that the crypto market seems to be ignoring this “bullish fact.” Doctor Profit concluded that Tether will ultimately “decide when to send BTC to a new ATH.”

According to Doctor Profit, the continuous minting of USDT by its issuer could be the decisive factor that pushes Bitcoin to surpass its previous record high.

This analysis aligns with previous observations that Tether’s activities often play a significant role in large cryptocurrency price movements.

Inflation And CME Gaps

Adding to the bullish momentum, the latest Producer Price Index (PPI) data in the United States has come in lower than expected, suggesting that inflationary pressures may be easing more than anticipated.

This, in turn, could influence the Federal Reserve’s decisions on interest rates, potentially leading to rate cuts that could ultimately benefit crypto assets.

Another analyst, Rekt Capital, also remains optimistic about Bitcoin’s recent price action, noting that the cryptocurrency’s most recent rebound has allowed it to re-fill the CME Gaps that were previously placed between $59,400 and $62,550.

According to Rekt Capital, Bitcoin price action on the 1-hourの時間枠 now shows that the cryptocurrency has built a support base within the CME gaps that were created on Monday.

This development is crucial for establishing a bullish directional bias, especially considering the significance of these CME gaps in previous Bitcoin bull markets.

It remains to be seen if these bullish signs can be sustained in the coming days and how high the BTC price can go.

However, the technical analysis suggests that the bulls are still in control, and further upside is possible.

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