Quick analysis of Bitcoin BTC/USDT on Binance

The BTC/USDT pair has seen a strong rise over the past week, recording a new high at $108,500, supported by massive institutional inflows and optimism following the US elections.

The daily chart (4-hour timeframe) shows a strong breakout from the ascending triangle with high trading volume, and the RSI above 70 indicates ongoing buying momentum, but warns of a potential correction soon.

Key support levels: 104,000 - 101,500

Resistance levels: 110,000 - 112,000

The overall trend is bullish as long as the price remains above $100,000.

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