Bitcoin (BTC) Hits New All-Time High on Trump’s Inauguration Day

Table of Contents

Key Takeaways

• Bitcoin (BTC) reached a new all-time high of $109,356.
• The price has gone up by almost 8% on January 20th today.
• What can we expect for the future price growth of Bitcoin?

Today, January 20, marks Inauguration Day. His policies are perceived as the most cryptocurrency-friendly yet. The cryptocurrency market has responded favorably to its inauguration, with Bitcoin setting a new record high at $109,356.

Let's analyze the BTC price movement and explore potential trends for the upcoming weeks.

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Bitcoin All-Time High

The price dropped down to a low of $89,164 on January 13th. Four days later, the price increased in value when breaking out of a downward trend line and then confirmed that line as a point of support.

On January 20th, the Bitcoin price formed a bullish engulfing candlestick and broke past the all-time high resistance level of $106,000. Bitcoin peaked at $109,356 before experiencing a slight drop.

If the increase keeps going, the next potential target would be the 1.61 external Fibonacci retracement resistance level at $119,921.

The daily Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) suggest the increase will continue. Both are increasing and just reached their bullish thresholds of 50 and 0, respectively.

The indicators are not yet at their highest levels, indicating there is still potential for further growth.