Tether, the dominant stablecoin by market value, has once more created an additional $1 billion worth of tokens, potentially propelling Bitcoin's price to new highs as seen previously when Bitcoin surged from $27,000 to a record $73,000. Over the past year, Tether's treasury has minted a total of $31 billion, boosting its market value above $110 billion.

Significantly, Bitcoin's price is heavily impacted by Tether and institutional investments in Bitcoin spot ETFs. Recent weeks have seen substantial inflows into US Bitcoin ETFs, totaling over $200 million, marking the second consecutive week of positive flows and reinforcing their role in Bitcoin's rally. By February 15, around 75% of new Bitcoin investments came from these ETFs, coinciding with Bitcoin breaking the $50,000 barrier.

Meanwhile, Bitcoin's breakout on the daily chart appears confirmed with strong support at $65,000, signaling bullish sentiment among investors. Notably, Bitcoin has transformed previous resistance levels into solid support, according to crypto analyst Rekt Capital.

However, predictions from ScorehoodAI's algorithm suggest a potential correction for Bitcoin to below $63,500 before aiming for $70,000. A drop below $63,500 could trigger liquidations of leveraged long positions worth $1.76 billion, with total liquidations potentially reaching $1.87 billion if Bitcoin falls below $63,000, as per Coinglass data.