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Will Trump’s inauguration push Bitcoin beyond $100K? Traders, watch out for…
With Trump’s influence in play, the next few days could set the stage for major movement.
As I write this article, Bitcoin [BTC] is holding steady around the $98,000 mark for two consecutive days. After a week of bullish trends fueled by the ‘New Year’ hype, market makers are preparing for potential shifts. These shifts are tied to Donald Trump’s inauguration, which is just two weeks away.
Altcoins aren’t sitting idle either. AIOZ has surged 20% in the past 24 hours, signaling that capital isn’t just sticking to Bitcoin – it’s flowing across the market. As excitement builds, could this momentum finally push BTC past the six-figure mark? All signs point to an intriguing two weeks ahead.
The clock is ticking
In Q4 of last year, Trump’s influence helped Bitcoin flirt with the $100K mark. However, broader market forces quickly stepped in to cool the rally. This highlights a critical truth: even strong catalysts can’t avoid the unpredictable impact of larger economic trends.
During this period, Bitcoin’s exchange reserves surged by 1.7% in just a week, reaching an all-time high of 2.43 million BTC – the largest increase in over three months. However, the narrative quickly reversed. Bitcoin’s reserves have now plummeted to a four-year low of 2.30 million BTC, indicating that more Bitcoin is being taken off exchanges.
Despite this, activity remains subdued. Futures Open Interest (OI) has slipped under $60 billion, compared to $70 billion when BTC touched $108K. Notably, trading volumes have also dipped by 6%.
With Trump’s inauguration just two weeks away, a surge in both metrics could be the catalyst Bitcoin needs to break six figures – and potentially set a new all-time high.
But weak demand at these levels might flip the script, leading us to see some hesitation in capital inflow. Trump’s return to the White House could be the perfect stimulus package. His influence might just be what Bitcoin needs to stay strong and avoid falling back into the $97K – $99K price band.
Meanwhile, the altcoin market isn’t far behind. Ethereum [ETH] is displaying signs of weakness, with options volume dropping by 50% and $7 million worth of long positions squeezed out. The market is waiting for a clear rebound.
The coming weeks will put your patience to the test. The buzz around Trump’s inauguration could spark a buying frenzy, but without stronger accumulation in both Bitcoin and altcoins, even Trump’s return might not be enough.
Keep a close eye on volume indicators. If the buying picks up significantly, we could see the market break out.
Source: ambcrypto.com
