The surge comes at a time when the cryptocurrency market as a whole is experiencing a decline, highlighting the strength of Bitcoin (BTC) as a leader in the segment.
Bitcoin price today, January 20: cryptocurrency rallies to new all-time high, eyes $110.000 as buying intensifies
Bitcoin price experienced a surge on Monday, reaching a new all-time high amid anticipation for Donald Trump’s inauguration and optimism among investors. As the cryptocurrency market declines, Bitcoin (BTC) emerges as a strong performer, driven by robust demand.
After hitting a high of $109.588 in the past 24 hours, the cryptocurrency encountered resistance, pushing the price down slightly from the peak. However, the bullish momentum remains strong, indicating a potential continuation of the rally. At press time, BTC was trading at $107.373, up 2% in the past 24 hours.
According to data from Coinglass, there was a surge in spot inflows, which reached a 30-day high. This activity reflects growing interest and intense buying, which is further supported by the balance of power (BoP) indicator trending positive, indicating that buyer dominance is driving prices higher.
As spot inflows increase, it typically signifies a surge in the market, which, combined with limited supply, has been a key factor in BTC’s upward trajectory. This momentum could lead Bitcoin to surpass its recent peak and reach the $110.000 mark, as speculated by analysts. However, an increase in liquidations could push the price below $100.000.
Donald Trump’s inauguration is also on investors’ radar, with expectations that Strategic Bitcoin Reserve may be mentioned during the event. This speculation adds a layer of volatility to the market.
As the market continues to observe Bitcoin setting new highs, the focus is on whether continued demand will sustain the rally or whether a wave of profit-taking will trigger a price correction. The coming days will be crucial in understanding whether BTC can maintain its upward trajectory or stabilize below key levels.
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