Bitcoin Hits Historic High Ahead of Trumps Inauguration
As shown on the BTC/USD chart, market volatility has significantly increased. Over the weekend, Bitcoins price initially fluctuated with minimal movement around $105,000 per coin but was followed by:
A sharp drop below the psychological level of $100k, triggering significant liquidations;
A surge above $109k a historical first.
The bullish sentiment may be linked to rumours circulating on Twitter about a leaked inaugural speech by Trump, in which the President-elect is reportedly set to announce the creation of a national Bitcoin reserve.
Technical analysis of the BTC/USD chart indicates:
Since Trumps victory in early November, Bitcoin has been forming an upward trend within a channel (highlighted in blue on the chart);
After a period of consolidation, the price aggressively broke into the upper half of this channel (as shown by the arrow).
It is evident that Trump-related news tends to generate strong bullish impulses in the Bitcoin market. Therefore, it is possible that Trumps inauguration and his decisions post-assumption of office could drive BTC/USD towards the upper boundary of the blue channel, suggesting the potential for a new high around $114k.
Read more: https://fxopen.com/blog/en/bitcoin-hits-historic-high-ahead-of-trumps-inauguration/
Text source: Forex Trading Blog
