Bitcoin and Ethereum Fail to Rally as Trump Makes No Mention of Crypto in Inauguration Address

Leading cryptocurrencies failed to rally as expected on Monday after Donald Trump was sworn in as the 47th president of the U.S.

Leading cryptocurrencies failed to rally as expected on Monday after Donald Trump was sworn in as the 47th president of the U.S.

What Happened: Bitcoin fell steadily, reaching an intraday low of $100,626 as the top cryptocurrency failed to capitalize on its surge to fresh highs of $109,000 ahead of the inauguration.

Bitcoin encountered resistance at the upper range of $106,000 and slid to lows of $100,626 on Monday. The cryptocurrency started the day at highs of $102,000 and dropped by 1.3% as the session progressed.

The cryptocurrency was trading at a price floor of $100,660 at the time of writing.

Ethereum followed a similar trajectory, retracing from a high of $3,425 to as low as $3,228.

The second-largest cryptocurrency encountered resistance at $3,450 and slid to lows of $3,228 on Monday. The cryptocurrency started the day at highs of $3,300 and dropped by 2.1% as the session progressed.

The cryptocurrency was trading at a price floor of $3,234 at the time of writing.

The excitement was likely muted after Trump’s inauguration address made no mention of cryptocurrency or Bitcoin, contrary to expectations.

Moreover, lawsuits against the new Elon Musk-headed Department of Government Efficiency affected sentiment around Dogecoin.

About $756 million was liquidated from the market in the last 24 hours, including roughly $500 million on the upside bets.

Bitcoin’s Open Interest rose 1.36% in the last 24 hours, coinciding with a similar rise in the spot price.

That said, over 51% of derivatives traders had short positions opened for Bitcoin, suggesting expectations of further correction in the days ahead.

The market sentiment remained in the “Extreme Greed” zone, according to the Crypto Fear & Greed Index.

Top Gainers (24-Hours)

The global cryptocurrency market capitalization stood at $3.53 trillion, increasing by 1.36% in the last 24 hours.

Stock futures spiked during Monday evening as President Trump began his second term. The Dow Jones Industrial Average Futures rose 241 points, or 0.56%, as of 7:30 p.m. EDT.

Futures tied to the S&P 500 gained 0.51%, while Nasdaq 100 Futures added 0.56%.

The New York Stock Exchange and Nasdaq were closed on Monday to commemorate Martin Luther King Jr. Day and the markets will resume trading on Tuesday.

Analyst Notes: Widely followed cryptocurrency analyst Rekt Capital drew attention to the successful retest of $101,000 as Bitcoin’s support.

“This confluent support may serve as a floor for future price action, enabling consolidation within this current $101,000-$106,000 range,” the analyst added.

#BTC Bitcoin never ceases to amaze with its price action

Harsh rejection from the Range High but the most important takeaway is this:

Bitcoin has successfully retested the red diagonal and black Range Low of $101k as support

This confluent support may serve as a floor for… https://t.co/ZEFwviuIoF pic.twitter.com/MA1Xknbfhf

Another popular on-chain analyst and chartist, Ali Martinez, identified Ethereum’s $2,700–$3,000 support zone as an area of interest.

“This demand area must hold to maintain ETH’s bullish outlook. A breakdown could invalidate the positive momentum,” Martinez remarked.

Keep an eye on the $2,700–$3,000 support zone. This demand area must hold to maintain the #Ethereum $ETH bullish outlook. A breakdown could invalidate the positive momentum.https://t.co/nzqYWTHqEf

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