The News Crypto -
- Bitcoin sets a new all-time high of $109,114.88 before dropping below $108K.
- Trump’s pro-crypto policies drive market optimism and institutional demand.
Bitcoin reached a new all-time high of $109,114.88 on Jan. 20. It briefly surpassed $109,000 before retreating below $108,000 within minutes. At 06:55 am UTC, BTC hit $109,036, breaking the previous record of $108,000 from December 2024.
The rally comes hours before Donald Trump’s inauguration as the 47th U.S. President at 4:00 pm UTC. His presidency has driven optimism in crypto markets. Bitcoin crossed $100,000 for the first time in early December after his election victory. Trump’s plans for a Bitcoin reserve and crypto deregulation continue to fuel bullish sentiment.
Currently, Bitcoin trades at $108,900.35, up 3.52% in 24 hours. The market cap has risen to $2.15 trillion, a 3.43% increase. Daily trading volume surged by 108.72%, reaching $104.38 billion. Bitcoin ETFs added $974 million to BTC reserves yesterday, signaling robust institutional demand.
What’s Next (LON:NXT) for BTC?
Bitcoin’s support sits at $94,979, while the nearest resistance lies at $109,500. A break above this resistance could push BTC toward $115,000. Conversely, dropping below support may lead to a dip toward $90,000.
The RSI stands at 64.55, indicating slightly overbought conditions but room for further upward movement. The RSI average of 63.48 supports the ongoing bullish momentum. If RSI surpasses 70, Bitcoin could enter an overbought zone, signaling potential consolidation.
The moving averages confirm a bullish outlook. The 9-period MA ($104,583.19) is trending above the 21-period MA ($103,752.38), forming a golden crossover. This indicates the continuation of an upward trend. Short-term moving averages also suggest sustained buying interest. The Chaikin Money Flow (CMF) shows strong capital inflows, reflecting heightened buying activity. If maintained, a positive CMF trend supports further price gains.
Bitcoin’s price is above the 50-day and 200-day moving averages, confirming a long-term bullish trend. The moving average convergence suggests increasing momentum, reducing the likelihood of major pullbacks in the short term.
If resistance at $109,500 breaks, BTC could extend gains toward $115,000 and higher. However, failure to hold support at $94,979 could trigger a correction, testing the $90,000 level. Traders are monitoring these levels closely for the next move.
With Trump’s pro-crypto stance and rising institutional interest, Bitcoin’s bullish trajectory remains strong. Investors expect increased volatility and potential further gains as crypto markets react to new U.S. leadership.