Bitcoin price (BTC/USD) is in an unstoppable bull run. Overnight, the digital currency soared to $37,800 as demand for the digital currency continued. This pushed its market cap to more than $692 billion while all currencies rose to more than $1 trillion.
Why did the Bitcoin price soar: There are two main reasons why the BTC/USD pair rallied overnight. First, there is a lot of institutional demand with many companies now allocating some of their treasuries into the digital currency.
Some of the most notable ones are MicroStrategy, PayPal, and Mass Mutual. Second, the election results in Georgia, coupled with the weak employment data from the United States led many to believe that there will be more stimulus in the United States. This is usually a bearish aspect for the dollar and bullish for Bitcoin price.
Notably, BTC/USD also rose because of the recent forecast by JP Morgan, whose analysts predicted that the price would rise to above $146,000.
Bitcoin price technical outlok
What next for the BTC/USD: On the daily chart, we see that the Bitcoin price rally has been unstoppable in recent months. The price remains above all moving averages while oscillators like the RSI and momentum have continued to rise. Therefore, in the near term, the price will continue rising as bulls target the next resistance at $40,000. On the flip side, a move below $35,000 will be bearish.
BTC/USD technical chart