Bitcoin reaches a new all-time high of $109,021, driven by strong buying demand and market optimism despite a broader market decline.
Bitcoin (BTC) has hit a new all-time high of $109,021, defying a broader market downturn over the past 24 hours. This milestone reflects strong buying demand and growing market optimism for the leading cryptocurrency. BTC is currently trading just below its peak, but bullish momentum suggests the rally could continue.
Despite a challenging market environment, BTC’s price remains supported by increased spot inflows, which have reached a 30-day high. According to Coinglass, this rise in inflows signals growing interest and robust buying activity. The balance of power (BoP) indicator, currently trending positively, confirms that buyers are dominating and pushing prices upward.
When spot inflows rise, more funds enter the market, often leading to higher demand. With limited supply, this demand has been a key driver of BTC’s upward trajectory. Analysts suggest that if this momentum persists, Bitcoin could surpass its latest peak and aim for the $110,000 mark. However, increased selloffs might push the price below $100,000.
Bitcoin’s performance is also expected to face volatility around Donald Trump’s upcoming inauguration. Speculation is growing that he might reference the Strategic Bitcoin Reserve, which could have far-reaching implications for the crypto market.
Tom Trowbridge, CEO of Fluence, shared insights on the potential impact of the Trump administration on cryptocurrency. He described the moment as transformative for the crypto ecosystem, with the Strategic Bitcoin Reserve possibly sparking a global race among nations to accumulate Bitcoin and other digital assets. He added that the US's pro-crypto stance could encourage favorable legislation worldwide.
While Bitcoin continues to chart new heights, market participants are closely monitoring whether buying pressure will sustain its rally or if profit-taking will lead to a pullback. The coming days could determine if BTC breaks past its recent all-time high or consolidates below key levels.