After a swift recovery on January 19, Bitcoin created a bearish swing failure pattern on the daily chart, leading to a 6.33% crash. Regardless of the short-term correction, Bitcoin price today is up No data found for bitcoin on 25 minutes ago% and hit a new all-time high (ATH) of $110,000. This development comes ahead of Trump’s inauguration as the odds of a Bitcoin reserve spike to 59% in just a few mins.
Polymarket data shows that the odds of a strategic Bitcoin reserve approval have shot up from 37% to 59% in just a few minutes.
Why Bitcoin Price Today Is Up 8% as BTC Hits New ATH?
Bitcoin price today set up a new ATH of $110,000 and trades at No data found for bitcoin on 25 minutes ago after shooting up No data found for bitcoin on 25 minutes ago%. This spike in buying pressure could be attributed to investors pulling out of the TRUMP coin and reinvesting profits into a more risk-averse asset like Bitcoin. Moreover, the long-term outlook of BTC remains bullish, with higher highs and higher lows on the daily and weekly charts, adding credence to the recent spike in buying pressure and a new ATH.
The second reason for this uptrend could be the Presideent-elect Donald Trump’s inauguration, which is scheduled to take place today. Investors may have considered the recent launch of a meme coin on Solana as a show of Trump’s support for the crypto space.
Additionally, it wouldn’t be surprising that capital is rotating back into BTC in anticipation of a strategic Bitcoin reserve.
As a result of the recent uptrend, Ethereum (ETH) and Ripple (XRP) also registered No data found for ethereum on 25 minutes ago% and 9.66% gains, respectively.
*bitcoin price updated as of No data found for bitcoin on 25 minutes ago
What’s Next For Bitcoin Price? Strategic Levels to Watch Next After New ATH
The weekend correction knocked Bitcoin price down to the value area high of $100K, where BTC found support and resulted in an 8% rally in the early Asian session. This sudden uptrend has caused Bitcoin to hit a new ATH of $110,000.
The next levels where investors can consider booking profits include the $161.8% Fibonacci extension at $120,362 and the 261.8% Fibonacci extension level at $139,683.
After the recent uptick, Bitcoin price prediction looks as optimistic as ever, with the expectations of new all-time highs forming around $120K and $130K, respectively, in the coming days. However, if BTC breaks below $100K, it could invalidate this bullish outlook and trigger a potential crash down to $90K.
The post Bitcoin Price Hits New ATH of $110,000, As Odds of BTC Reserve Skyrocket appeared first on CoinGape.
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