Analysts point to sustained demand as the driving force behind this rally. Data from the BTC/USD one-day chart highlights bullish signals, with the Balance of Power (BoP) indicator standing at 0.75. This suggests buyers remain firmly in control, pushing Bitcoin’s value higher.
Spot market activity has also spiked, with inflows reaching a 30-day high of $316 million, according to Coinglass. Increased spot inflows often signal heightened buying interest, indicating growing demand for Bitcoin amid limited supply.
Looking ahead, Bitcoin could test the $110,000 mark if the current buying trend continues. However, any surge in sell-offs could push prices below $100,000, potentially falling to $99,800.
Adding to the market buzz, speculation surrounds Donald Trump’s upcoming inauguration speech. Rumors suggest he may address a “Strategic Bitcoin Reserve,” which could influence market sentiment further.
Tom Trowbridge, CEO of Fluence, shared his two cents on what a Trump administration may mean for Bitcoin in a recent interview. As the volatility continues, the world watches in anticipation of what’s next for Bitcoin.
