- Summary:
- Bitcoin price is attempting to break its next significant milestone at $110k and Trump's era is likely to trigger significant inflows.
Bitcoin price rose to new all-time highs of $109,356 on Monday, on the day when Donald Trump was set to take the oath of office as the 47th US President. The crypto coin has been on a strong upward momentum since Trump won the November 2024 elections and is perceived to be headed to higher highs under his regime.
The next major milestone for BTC price is the $110,000 mark and immediate resistance is likely to be at that level. Investors will be keen on Trump’s inaugural speech for potential hints on his plans for the digital assets industry. Bitcoin has gained 13% in the last month, and the underlying momentum is likely to keep it on an upward trajectory in the coming days.
Bitcoin’s 24-hour traded volume was up by 121% at the time of writing, with Bitcoin price on the rise. That adds credence to the upside view of the coin’s near-term performance. Meanwhile, Bitcoin’s ETF performance rose substantially on Friday, with nine of the eleven ETFs recording $975.6 million in inflows, up from Thursday’s $626 million.
The current momentum on Bitcoin price is likely to drive the rest of the crypto market to new highs. However, an emerging paradigm shift has seen investors pay greater attention to utility-driven altcoins like XRP, XLM, and SOL, with meme coins visibly underperforming. The global crypto market capitalisation was at record-high $3.73 trillion at the time of writing.
Bitcoin Price Prediction
The momentum on Bitcoin price signals further gains if action stays above the $105,860 pivot. With the buyers in control, BTCUSD will likely move to the first resistance at $109,500. However, an extended control could enable them to break above that level and test $111,500.
On the other hand, moving below $105,860 will shift the momentum to the downside. That will likely see the first support coming at $103,490. However, an extended control by the sellers will break below that level and set the next targetto $100,530.
