Tether, a stablecoin, has recently minted $4 billion in USDT, which coincided with Bitcoin reaching a new high of $89,500. Analysts believe that this increase in supply of USDT is contributing to Bitcoin's rally. Bitcoin's price has been steadily increasing, with support found at $80,840. It encountered resistance at $88,500, causing a brief consolidation. If Bitcoin breaks above $88,500, it could signal further upside potential towards $90,000. However, if momentum is not maintained, it may revisit support levels at $85,000 and $80,840. Data suggests that $2.54 billion has been flowing from Tether to exchanges, fueling the buying pressure and contributing to the rally. The trading volume has surged, indicating significant market activity. The overbought reading on the Relative Strength Index (RSI) suggests a potential pullback in the short term, supported by the Moving Average Convergence Divergence (MACD) indicator.



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