Breaking: Bitcoin hits new all-time high, traders brace for market swings ahead of Trump inauguration
- Bitcoin jumps to a new all-time high of $109,588 on Monday.
- Bitcoin open interest crosses $71 billion as crypto market heats up for Trump’s inauguration.
- Bitcoin volatility climbs to 73% and bullish sentiment suggest traders expect short-term market swings, position for upside.
- Higher demand for upside leverage supports gains in Bitcoin price, BTC enters price discovery.
Bitcoin (BTC) rallies to a new all-time high of $109,588 as crypto traders anticipate gains in the sector with the upcoming inauguration of President-elect Donald Trump. Derivatives traders position themselves for an upside in BTC and experts predict short-term price turbulence, followed by steadier movements beyond next week.
Bitcoin climbs to $109,588, new milestone
Bitcoin has flipped the $100,000 milestone to support and rallied to a new peak on Monday, January 20. President-elect Donald Trump’s inauguration is the biggest catalyst, followed by the positive sentiment among traders and the return of interest from institutional investors.
Technical indicators, Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) support a thesis of further gains in Bitcoin price. RSI reads 66 and is sloping upwards, MACD flashes consecutive green histogram bars.
BTC/USDT daily price chart
Data from Farside investors shows a return of institutional interest to Bitcoin with a streak of inflows to US-based Spot Bitcoin ETFs last week.
This is a developing story, stay tuned for updates.
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