Bitcoin prices skyrocketed to an all-time high of $109,699 during Monday’s trading session, fuelled by heightened expectations around Donald Trump’s inauguration and his pro-crypto stance. The flagship cryptocurrency gained over 4.35% within the day, closing at $108,197.47, as market participants position themselves for anticipated policy changes that could favour the crypto sector.
Trump’s vision to make the US the “crypto capital of the world” includes plans to introduce a Bitcoin strategic reserve, holding seized assets from illegal activities. The US government currently holds more than 215,000 BTC, valued at approximately $22.5 billion, with proposals to acquire an additional 200,000 BTC annually over the next five years.
Picture: Strong bullish momentum as BTCUSD surges past key levels, with key resistance at $110K and support at $106K, as seen on the VT Markets app.
Looking at the 15-minute chart, BTC/USD is showing strong bullish momentum, with the price surging past the 106,000 USD support and approaching the key 110,000 USD resistance.
Moving averages confirm an uptrend, while MACD signals continued buying interest, although a slight decline in the histogram suggests caution for potential pullbacks. Monitoring volume at resistance levels and key support zones around 106,000 USD and 102,000 USD will be crucial for future positioning.
While sentiment remains bullish, the market could face “buy the rumour, sell the news” volatility. Analysts warn of potential corrections as traders digest upcoming regulatory moves and policy implementation timelines. Bitcoin’s low for the day reached $99,542.71, highlighting the potential for significant intraday swings.
Adding to the excitement, Trump’s meme coin “TRUMP” has stolen the spotlight, skyrocketing 1,000% since its launch on Friday. The token now boasts a market cap exceeding $20 billion, drawing in speculative traders looking for high-risk, high-reward opportunities.
The market focus now turns to the concrete steps Trump’s administration will take regarding cryptocurrency regulation–with the surge in Bitcoin’s price reflecting traders’ confidence in the potential regulatory shift.
Increasing institutional interest and growing retail demand drives the rally while policy updates and price fluctuations in the coming weeks should largely shape the next direction of the market.
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