Bitcoin reached a new all-time high as the market awaits Donald Trump‘s second inauguration as President of the United States.
The crypto market leader hit an all-time high of $109,770, gaining almost $10,000 in 12 hours.
The ripple effect of this rise is also reflected in other major cryptocurrencies, such as Ethereum (ETH), Ripple (XRP), and Solana (SOL) all saw gains in the same period.
Short sellers have had a rough time from this Bitcoin increase. Bitcoin Short liquidations in the last 24 hours exceeded $100 Million, over 10% of the total crypto shorts liquidation of $900 Million. Conversely, of the $100 Million, $56.4 Million was liquidated in the last four hours.
Crypto Liquidations – Source: Coinglass
Several analysts explain that the Bitcoin rally coincides with and is likely caused by Trump’s inauguration as United States President. Trump has shown signs of being a pro-crypto president in his speeches and X Posts. His administration promised to add Bitcoin to the US Strategic Reserve and make the United States the World’s crypto capital.
Positive sentiments abound in the market, and the major question is, ‘How high will Bitcoin go in 2025?’
Bitcoin Price Analysis
Bitcoin broke out of a descending triangle. The price retreated to form a retest at $99,000 and has since gone up to hit new all-time highs. At the time of writing, Bitcoin price is $108,262. However, a new pattern emerging in the 30-minute timeframe could see Bitcoin try to reach $115,000
BTCUSDT Chart – Tradingview
The short-term support is $92,000, although the current market bias is that prices will go up from current levels.
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