It’s widely believed that one of the strongest boosts Bitcoin could receive is imminent, as Donald Trump is set to take office as the next U.S. president today. On Monday, it surpassed its record high in initial trading frenzy, leaving us to wonder what the rest of the day might hold for Bitcoin.
An unprecedented surge
During the initial trading session on Monday, the price of Bitcoin surged by 10% and surpassed $109,000 within approximately eight hours. This rapid escalation, occurring over such a short period, is unparalleled in Bitcoin’s history. There are still several hours remaining in the day …
This extraordinary event might trigger the climax of the bull run, a phase that was previously only speculated about. Recently, Trump expressed his intention to focus on cryptocurrency, and the transformation in the destiny of this emerging asset was unthinkable just a short while back.
Moving from the rigid and resistant attitude towards cryptocurrency of the Biden administration to a more accepting and encouraging stance under a Trump administration could be likened to removing constraints and allowing the crypto industry to soar freely.
Big buyers help the cause
On schedule, U.S. Spot Bitcoin ETFs purchased approximately $975.60 million worth of Bitcoin on Friday, marking the fifth largest purchase in a single day. This increase follows inflows of $755.10 million on Wednesday and $626.10 million on Thursday.
It’s worth noting that MicroStrategy often makes its purchasing announcements on Mondays. Michael Saylor previously suggested a change could be coming when he shared a visual representation of MicroStrategy’s past purchases on his X account over the weekend, along with the message “Expect something new tomorrow.
Healthy retrace followed by massive surge
Today’s Bitcoin chart is looking quite promising. After a strong bounce back to the upper trendline of the wedge, we witnessed an impressive spike surpassing the earlier record high of $108,300 set on December 17th. The new peak reached $109,300, but it might not hold for much longer.
Weekly and 2-weekly Stochastic RSIs signal huge price momentum
In simpler terms, the weekly graph suggests Bitcoin may be preparing for takeoff, with its current position possibly serving as a launchpad. At the graph’s base, you’ll find the Stochastic RSI, and these indicators seem to have stabilized around the 50.00 level, suggesting potential support. Additionally, there appears to be a crossover trend, which often brings significant price increases.
Looking at a broader 2-week perspective, I notice that at the base of the chart, the Stochastic RSI shows a crossing point where the fast blue line surpasses the slow red one. This alignment, when considered along with the weekly Stochastic RSI, indicates a very optimistic bullish trend in terms of price momentum.
Over the coming days, weeks, and months, the world of cryptocurrency may see some thrilling developments. Rapid changes are sweeping through the financial sector, and it’s possible that Bitcoin could establish itself as the leading form of value storage in the near future (within the next few years).
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2025-01-20 14:12