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Bitcoin (BTC) Price Hits $109,356 All-Time High on Trump’s Inauguration Day
By Oliver Dale January 20, 2025
In a stunning turn of events, the price of Bitcoin has skyrocketed to reach an unprecedented all-time high of $109,356, coinciding with Donald Trump’s second presidential inauguration. This remarkable surge has sent shockwaves throughout the global financial markets, as the leading cryptocurrency surpassed previous records and triggered widespread gains across the broader crypto sector.
The unprecedented rally saw Bitcoin increase by nearly $10,000 in a single hour, resulting in a 5% growth that caught many traders off guard, particularly those holding short positions. As a result, bearish traders have suffered losses exceeding $100 million within the span of an hour, with Bitcoin shorts accounting for more than $60 million of these liquidations. The total cryptocurrency market experienced $1.2 billion in liquidations over the course of 24 hours, with short sellers bearing the brunt of the losses at $900 million.
This monumental shift in the market’s technical structure can be attributed to a combination of factors. Notably, Bitcoin has successfully broken above the previous resistance area at $106,000 after forming a bullish engulfing candlestick pattern, bolstering the likelihood of continued upward momentum.
The rally has not been isolated to Bitcoin alone, as other major cryptocurrencies such as Ethereum , XRP , and Solana have all experienced significant growth, with increases exceeding 3% during the same time frame. This widespread participation suggests that market sentiment is increasingly optimistic across the cryptocurrency sector.
Currently, the market sentiment indicator shows “extreme greed,” which reflects an unwavering faith in the continued upward trajectory of Bitcoin. This optimism is underscored by the possibility of approximately $417 billion in market liquidity being generated from the sale of 4.72 million BTC purchased at an average price of $88,396.
Further analysis suggests that Bitcoin may be embarking on its fifth and final wave of growth, having begun in December 2022. This pattern implies the potential for sustained upward momentum before a significant correction takes place.
The rally has not been without external influences, however. The Trump administration’s stance on cryptocurrency is believed to have contributed positively to market expectations. The President-elect has expressed intentions to position the United States as a leader in crypto innovation, thereby fueling widespread enthusiasm within the industry.
Despite the emergence of alternative investment opportunities, including Trump-related memecoins, the market’s technical structure remains robust, suggesting that Bitcoin may be poised for continued upward movement.
Source: blockonomi.com
