Bitcoin reached new heights, reaching an all-time high of $109,114.88 hours before Donald Trump took office as the 47th US president.
However, the meeting did not last. We briefly soaked under $100,000 before collecting it to more than $103,000. The rally is driven by a growing hope in the Bitcoin community that Trump will become Pro Bitcoin and create an environment suitable for digital assets.
This prediction has been built since his election in November 2024, when Bitcoin first broke $100,000 in early December.
Bitcoin hit $109,036 on January 20th, breaking its previous record of $108,000 since December. Currently, Bitcoin is 12.52% over the past seven days, an increase of around $103,800 over the past 24 hours.
The market is booming at Trump’s inauguration ceremony, and Bitcoin is booming. His plans for Bitcoin Reserves and Regulation Breakdowns across the country have given investors hope. He reportedly makes digital assets a priority, which is even better for Bitcoin.
Coinbase CEO Brian Armstrong has recently called global Bitcoin reserves the “next chapter of capitalism.”
In a blog post on January 17th, he said policymakers should pass “crypto-friendly” laws, making governments more efficient and making Bitcoin reserves opposed to inflation.
In the meantime, US states are competing to pass the creation of Bitcoin reserves to the law. Wyoming has already introduced legislation to create a strategic Bitcoin reserve, along with Texas, Ohio and Pennsylvania.
This is a sign that Bitcoin is integrated into the state and national financial systems.
In addition to “crypto hype,” Donald Trump and his wife, Melania Trump, have launched the official memokine $Trump and $Melania on Solana’s blockchain.
$Trump was released on January 18th, bringing its market capitalization to $15 billion. $Melania was launched two days later, rising 70% in 24 hours, and then both fell crashed.
However, the launch of the back has brought allegations of pumps and dumps and market operations. Critics say the timing and rapid succession of the launch look opportunistic.
Financial analyst Michael A. Gade called $Trump a pump and dump scheme, which he said would hurt Trump’s reputation. José Maria Macedo, co-founder of Delphi Labs, said the launch is in a hurry to capitalize on Trump’s success.
Despite the controversy, both tokens have attracted a lot of attention.
Bitcoin rally was fast and huge, but lacking momentum. Many speculated that the next resistance would be $109,500, while more than that would be $115,000. But Bitcoin fell as quickly as it rose.
If the downtrend continues, analysts are looking at $94,979 and $90,000 as potential resistance levels.
But the technology still looks good. The RSI is 64.55, which is a little too much, but there is still room for it to go up. Bitcoin is above its long-term bullish 50- and 200-day moving averages.
Once Trump takes office, the Bitcoin community hopes good things will be good for Bitcoin and the entire digital asset space. With its digital asset-friendly policy and strategic Bitcoin reserve expectations, Bitcoin is ready to go up.