Bitcoin reaches a new all-time high amidst intense volatility ahead of Trump’s inauguration
Bitcoin emerged as the top performer at the start of the week, exhibiting wild price swings from below 100K to a new record high of 109,582 during Monday’s Asian session.
Euphoria surrounding President Trump’s inauguration and his agenda, which prioritizes a major overhaul of crypto market regulations, significantly fueled volatility in the cryptocurrency market.
Adding to the excitement, Trump’s surprise launch of a crypto token last Friday generated tremendous interest, achieving a trading volume of $52.5 billion within 24 hours and amplifying the market’s unpredictability.
Demand for cryptocurrencies is expected to grow further as Trump’s strong pro-crypto stance bolsters positive sentiment. His promise to be a “crypto President” has sparked optimism, though some voices caution about potential ethical and regulatory concerns.
While Bitcoin is poised to benefit from this environment, bulls may face near-term resistance at the psychological 110K barrier, with overbought daily indicators suggesting the possibility of a brief consolidation.
Downside corrections are expected to remain limited above the broken Fibo 76.4% level at 103,830, which now acts as solid support. Key additional supports lie at 101K (broken Fibo 61.8%), 100K (psychological/10DMA), and 98,870 (broken trendline resistance). A loss of these levels would signal bearish momentum.
A sustained break above the pivotal 110K mark would generate a fresh bullish signal, paving the way toward the 120K target, with intermediate resistances at 113K, 115,800, and 118,080 (Fibo projections of the rally from 95,892, Jan 13 spike low).
Res: 109582; 110000; 113000; 115800
Sup: 106380; 103830; 102771; 101000