Bitcoin's price continued to rise over the weekend, reaching a high of $98,300. This upward trend is supported by increased demand and supply dynamics. On the supply side, mining difficulty and hash rate have reached record highs, leading to a lower inflation rate for Bitcoin. Demand is increasing with ETF inflows and the buying activities of companies like MicroStrategy. American investors are also buying more Bitcoin, reflected in the recovery of the Coinbase Premium Index. Bitcoin also faces upcoming catalysts, such as the presidential inauguration and FTX distributions. However, there are risks of a bearish breakdown if it forms a head and shoulders pattern. An analyst has warned about potential signs of a bear market, citing developments like MicroStrategy reducing Bitcoin purchases and Tether's pause in minting. Despite these concerns, Bitcoin's price remains strong at around $98,035.



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