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Cryptocurrency News Articles
Bitcoin (BTC) Price Resumes Bullish Trend Ahead of Donald Trump’s Inauguration
Jan 19, 2025 at 12:30 am
Bitcoin (BTC) rose to a high of $105,847, its highest level since Dec. 18, and significantly higher than this week's low of $82,055.
Bitcoin price rose to a high of $105,847 on Friday, its highest level since Dec. 18, and significantly higher than this week’s low of $82,055.
The price of BTC was last seen up 10% over the past 24 hours and 65% year-to-date.
Crypto investors are likely keeping an eye on the upcoming Trump inauguration and the potential regulatory changes that could follow.
Trump has pledged to be a crypto-friendly president and seeks to make the U.S. the crypto capital of the world.
While the U.S. already mines the most cryptocurrency, crypto critics often cite Bitcoin’s energy-intensive proof-of-work mining process as being at odds with energy conservation initiatives.
Trump, who recently launched his own meme coin, also runs World Liberty Financial, a crypto project that has raised millions of dollars, including from Justin Sun.
Another potential catalyst that will push Bitcoin price to a record high is the ongoing stablecoin inflows.
CryptoQuant data shows that stablecoins have continued to flow into exchanges. This is notable since stablecoins are used to buy Bitcoin and other coins.
Bitcoin price has strong technicals
The weekly chart shows that Bitcoin price has done well this week. It has formed a bullish engulfing pattern, a popular positive sign.
This pattern comprises a big bullish candlestick that covers a previous bearish candle completely.
Bitcoin has also formed a bullish pennant pattern consisting of a long vertical line and a symmetrical triangle. This pattern often leads to a strong breakout, as we saw with Ripple (XRP) this week.
XRP was forming a pennant pattern since November last year.
Bitcoin remains above the 50-week and 100-week moving averages. It has also moved much higher than $68,930, the upper side of the cup and handle pattern that formed between 2021 and November last year.
Therefore, Bitcoin will likely have a strong breakout and move to its all-time high of $108,200. A break above that level may see it jump to the next psychological point at $100,000.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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- Pi Network (PI) Price Analysis: Sharp Downturn Stalls Enthusiasm, Valuation Drops 20% to $7.7B
- Mar 20, 2025 at 05:51 am
- Pi Network debuted with immense enthusiasm, quickly securing its place among the top cryptocurrencies by market capitalization. At its peak, the project soared to a $10 billion valuation, ranking among the top ten.
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