By The Rio Times | Created at 2025-01-24 09:02:53 | Updated at 2025-01-31 21:05:01
1 week ago
Bitcoin surged to $104,700 on January 24, 2025, riding a wave of positive sentiment. President Trump’s executive order, signed the previous day, set the stage for this rally. The order aims to bolster America’s position in digital finance, creating a more crypto-friendly regulatory landscape.
Investors responded enthusiastically, pouring $188.7 million into Bitcoin ETFs. The iShares Bitcoin Trust led the pack with $154.6 million in inflows. This influx of institutional money underscores growing confidence in cryptocurrency as an asset class.
Regulatory changes added fuel to the fire. The SEC’s decision to rescind Staff Accounting Bulletin No. 121 now allows banks to offer crypto custody services. This move opens doors for wider institutional adoption of Bitcoin.
Bitcoin Hits $104,700 as Trump’s Order Sparks Market Rally. (Photo Internet reproduction)Market analysts point to a perfect storm of factors driving Bitcoin’s price. Institutional interest, supportive government policies, and technical indicators all play a role. The cryptocurrency’s price action shows signs of consolidation, with potential for further upside.
Bitcoin Hits $104,700 as Trump’s Order Sparks Market Rally
Technical factors play a role as Bitcoin tests key support and resistance levels. Bitcoin’s price action shows signs of consolidation. The daily timeframe reveals Bitcoin stuck between $100,000 and $109,356.
A breakout of a symmetrical triangle pattern occurred on the two-hour chart. This could lead to a potential upside rally. Immediate support levels sit at $104,067 and $103,054.
Trading volumes spiked, reaching $104.2 billion in 24 hours. This surge in activity reflects heightened interest from both retail and institutional investors. Despite the bullish trend, experts advise caution. They emphasize the need to monitor key support and resistance levels.
Analysts maintain a bullish outlook for Bitcoin. Some predictions suggest potential price targets above $126,605 in the coming weeks. However, traders should remain cautious. They need to monitor key support and resistance levels. Ongoing regulatory developments and institutional participation also require attention.
