BTC rises strongly to $13,000 and may hit a new annual high

This morning, Tether continued to issue 100 million USDT. As of now, the circulating market value of USDT has reached 3.846 billion US dollars, while the market value was only 1.9 billion US dollars at the beginning of 2019, and the total market value has doubled. Analyst Potter said: The chart shows that USDT has been issued significantly since April, and the total market value has risen sharply. The price of BTC has also risen from 4,000 US dollars to the current 13,000 US dollars. In just a few months, the price of the currency has increased by more than 3 times, and the trend is quite strong, with a momentum approaching the highest point of the 2017 bull market.
We know that the circulation of USDT is determined by market demand. When the premium is high, Tether will increase the circulation of USDT. Conversely, when USDT has a negative premium, Tether will withdraw to reduce the circulation in the market and restore the price to a normal range. From the comparison of the trends of the two in the figure, it can be seen that the total market value of USDT is one step ahead of the BTC price, which is equivalent to the role of a weather vane. This morning, 100 million USDT was issued, and then the BTC price quickly rose from US$12,500 to above US$13,000. Each additional issuance of USDT has brought a large amount of external incremental buying to the cryptocurrency market, pushing the BTC price further up.
Looking at the BTC 4-hour technical chart trend, the coin price broke through the rising triangle with a small volume at the end in the early stage and then quickly pulled up to above 12,800 US dollars, then encountered resistance and fell back to the horizontal support of 12,000 US dollars. The 4-hour closing trend was repeated with a downward spike, indicating that there is a certain amount of bullish support in this range. After not breaking, the coin price rebounded again and directly broke through the resistance range of 12,900 to 13,000 US dollars. The volume gradually increased and closed with 4 consecutive positive lines. The MACD fast and slow lines continued to diverge upward, and the momentum OBV bottom rose rapidly. The upward momentum of BTC was further enhanced. If it can stand above 13,000 in the future and maintain a large volume, then BTC will continue to attack the highest point in 19 years, or will continue to set new highs.