Bitcoin Smashes a New ATH at $109.1K—Is Liquidity Flowing From TRUMP to BTC?
The cryptocurrency market has become extremely volatile, mainly after the launch of Donald Trump’s official meme coin “OFFICIAL TRUMP.” It attracted huge liquidity, helping the coin enter the top 20 cryptocurrencies in the market. Meanwhile, Bitcoin was trading in a tight range and was believed to be heading back below $100,000, but suddenly surged and immediately formed a new ATH above $109,000. Therefore, after the new president takes office, the price of BTC is likely to exceed $110,000.
In addition to the new chairman, the SEC is expected to have a new chairman, Gary Gensler, who will step down from his position. As a result, markets are expected to undergo a significant shift toward looser regulations following Trump’s inauguration. This may further usher in a new era of digital assets and promote overall growth. Bitcoin price did not see any major correction due to the possible announcement of Bitcoin reserves.
this bitcoin price are at new top levels, a sign that investor sentiment is changing around long-term prospects rather than short-term earnings. Currently, BTC has entered a profit-taking phase, but this may be just the beginning.
BTC price has reached the final resistance level before entering the discovery phase, which is also the neckline of the “W-shaped” or double bottom pattern. The supertrend has turned bullish, suggesting more upside potential is on the horizon. Additionally, the RSI is approaching an upper limit and once these levels enter overbought territory, Bitcoin is expected to reach a new ATH around $115,000.
A minor retracement to the resistance-turned-support zone between $107.9 and $109.3 is possible, but this is likely to be short-term. However, the ongoing Trump and Melania mania has been cited as the reason for the market volatility. Therefore, significant changes are expected in the coming days, but it remains unclear whether the gains above the gains can be sustained.
