The world’s most significant digital currency, Bitcoin (BTC), surpassed a market value of $2 trillion during the weekend and reached a new peak at $109,114.88 within the past hour. Currently, Bitcoin is trading at $108,062.83, experiencing a 2.74% increase over the last 24 hours, as per data from CoinMarketCap. Additionally, Bitcoin’s 24-hour volatility stands at 4.5%, and its market volume amounts to $118.89 billion.
On January 20th, it’s anticipated that Donald Trump, the newly elected U.S. president, will once again move into the White House, signifying the start of his second non-consecutive term. Known as a billionaire, he has expressed support for cryptocurrencies and plans to establish favorable policies and regulatory structures for blockchain technology and digital assets.
Before the inauguration, the team of the newly elected president introduced meme coins known as OFFICIAL TRUMP (TRUMP) and Melania Meme (MELANIA). This move sparked controversy among participants in the digital asset market. In the last 24 hours, TRUMP experienced a surge of 30.88%, while MELANIA saw an increase of 60.42%. These rapid increases have led investors to categorize them as potential pump-and-dump schemes.
In 2024, Bitcoin’s record-breaking all-time high could be linked to an astounding 2,000% growth in its decentralized finance (BTCFi) segment. Notably, the staking protocol Babylon makes up a staggering 80% of the total value locked (TVL). Starting from a modest $307 million TVL at the beginning of the year, the BTCFi sector skyrocketed to a peak of $6.5 billion.
It’s worth mentioning that approximately $1.24 billion was withdrawn from the digital asset market over the last 24 hours, with around $911.23 million of this being long positions on Bitcoin and about $330.22 million being short positions. Data from CoinGlass indicates that a staggering $137.26 million was withdrawn in just the past four hours.
Bitcoin Price Analysis
From the chart shown, it’s evident that Bitcoin’s upward trend continues unabated. Furthermore, accumulation levels have been exceptionally high since 2023, with a significant surge following the approval of spot exchange-traded funds (ETFs) in the U.S. around early 2024.
Source: TradingView
In simpler terms, the Bitcoin’s price trend, as indicated by its Relative Strength Index (RSI), currently stands at 66.48. This figure indicates that the ‘bulls’ or buyers have been predominantly driving the cryptocurrency’s price movement. Additionally, the upward slope of the line implies a strong possibility of further increases, potentially reaching around $120,000.
Source: TradingView
In summary, the MACD line (represented by blue) continues to stay above its signal line (red), and the gap between them is widening. This pattern signifies strengthening buying pressure within the market. Additionally, the intensity of the histogram has been growing following a significant 117.45% surge in Bitcoin’s trading volume over the past day.
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2025-01-20 12:22