With the US Congress confirming Donald Trump’s presidency prior to his inauguration in two weeks, the cryptocurrency market, particularly Bitcoin, showed a bullish trend. The leading coin increased by more than 2.5% within the last 24 hours, reaching a daily high of approximately $102,512 before dipping slightly to trade around $101,800 at the time this text was written. It’s worth noting that Bitcoin is currently valued at around $101,441, with a 24-hour volatility rate of 2.7%. The market cap for Bitcoin stands at a staggering $2.01 trillion, and the total volume within the last 24 hours was roughly $49.82 billion.
In 2025, when Bitcoin’s price soared beyond $100K for the first time, concerns about a potential correction lessened considerably. Additionally, Bitcoin’s Fear & Greed Index spiked to approximately 78%, indicating that cryptocurrency investors were experiencing intense greed.
Looking at technical analysis, Bitcoin’s price managed to surpass a significant resistance point approximately at $99,300. This breakthrough suggests the beginning of a new bullish trend. Moreover, on the daily chart, Bitcoin’s value has consistently ended above its 50 Moving Average, indicating that the bulls are currently in charge.
Based on insights from cryptocurrency analyst Captain Faibik, the price of Bitcoin appears to have bounced back from the bottom of an ascending wedge pattern, potentially aiming towards a medium-term goal of approximately $112,000.
$BTC #Bitcoin so far, so good..!!
â Captain Faibik đş (@CryptoFaibik) January 7, 2025
Top Reasons Why Bitcoin Price Rallied Today
2025 saw Bitcoin’s value soar beyond $100K for the first time, primarily due to increasing demand from big-time investors (often referred to as whales) and strong underlying factors. According to recent analysis by Coinglass, the amount of Bitcoin held on centralized exchanges dropped by over 47,500 units in the last week, leaving approximately 2.2 million coins available at the time of this report.
The significant Bitcoin transfers from exchanges (CEXes) are primarily driven by increased demand from major investors (whales) and the entities planning to launch US spot BTC ETFs. On a recent Monday, these ETF issuers saw a net cash influx of approximately $987 million, which countered the outflows observed during the Christmas season of 2024.
On Monday, Fidelity’s FBTC took the lead in terms of net cash inflows, amounting to approximately $370 million, with BlackRock’s IBIT not far behind, recording a net inflow of around $209 million. It’s worth noting that none of the US-based Bitcoin ETF issuers, including Grayscale’s GBTC, experienced a net cash outflow on Monday, suggesting a growing interest from institutional investors in these products.
As an analyst, I find myself reporting that on Monday, I made a significant purchase: 1,070 Bitcoins, valued at approximately $101 million, bringing my current holdings to 447,470 Bitcoins. This move by MicroStrategy Inc (NASDAQ: MSTR) may set a trend, as more institutional investors are anticipated to follow suit, inspired by the potential clarity in crypto regulations under the Donald Trump administration.
Over the last two months, Bitcoin’s price trend has been closely linked with traditional stock indices like the NASDAQ 100 and the S&P 500. As these stock indexes have risen, so too has the value of Bitcoin. In other words, when the stock market goes up, it seems that Bitcoin tends to follow suit.
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2025-01-07 13:54