On January 20th, Bitcoin surged to unprecedented records, fueled by predictions of a Bitcoin price flip and speculation that President-elect Donald Trump might establish a Bitcoin reserve within his first 100 days in office, which gained traction on the Polymarket platform.
Bitcoin traders risk it all at new all-time highs
Information gathered from CryptoMoon Markets Pro and TradingView showed that the highest value ever recorded for one Bitcoin (BTC) was $109,356 on Bitstamp.
Following a period of significant fluctuations in the cryptocurrency market, daily returns surged by more than 8% as the process of determining prices resumed.
Over the past week, there was a drop in value that fell below the $100,000 threshold, with a blend of uncertainty and questionable transactions surrounding the contentious meme-token related to Trump.
Trump’s inauguration established an atmosphere of potential turmoil on that particular day. There was a long-awaited expectation for pro-crypto policies and fresh record highs in the cryptocurrency market.
For trader Skew, however, the writing was on the wall.
“Price testing supply here,” he wrote in ongoing commentary on X.
“Potentially front running tomorrow to create exit liquidity.”
A related graph demonstrated the liquidity scenarios on the significant trading platform Binance. The Skew suggested that late investors, observing the fresh highs, might find themselves “locked in” at those highest points as the market begins to trend downward.
As I delve into the intricacies of the crypto market, it’s evident that signs of distress are manifesting. Over a billion dollars worth of long positions have been liquidated within the last 24 hours, a stark testament to the market’s current state.
BTC price breakout “doesn’t get much cleaner”
It seems that other traders concurred that Bitcoin’s price movements could be influenced by unpublicized information, potentially related to the Trump administration’s plan to establish a strategic reserve using not only Bitcoin but also specific alternative cryptocurrencies as well.
As an analyst, I’ve been monitoring the data from Polymarket, and I can confidently say that the probability of this event happening has exceeded 50%. In other words, there’s a more than 50% chance that it will materialize.
It appears that someone has information about Bitcoin (BTC), as the crypto analyst Hedgehog suggested, similar to what Skew pointed out, where a substantial amount of supply is acting as a barrier for bulls around the $110,000 level.
“$110K supply remains with added ask liquidity around $109K,” Skew added in a subsequent update.
“Market providing liquidity for higher here, let’s see if this sizeable buyer can crack it.”
With a self-assured air, IncomeSharks commended how Bitcoin’s price successfully burst through its month-long consolidation phase.
“Doesn’t get much cleaner than that,” the trader told X followers.
Read More
- SEI PREDICTION. SEI cryptocurrency
- HBAR PREDICTION. HBAR cryptocurrency
- CNY RUB PREDICTION
- GBP EUR PREDICTION
- INJ PREDICTION. INJ cryptocurrency
- The DCU Is Better Off Without More Batman Movies for Awhile
- USD CHF PREDICTION
- Nosferatu Director Explains Orlok’s Impressive Mustache (And It Makes Sense)
- Rumoured The Elder Scrolls 4: Oblivion Remake Dev is Working on an “Unannounced Unreal Engine 5 Remake”
- TRB PREDICTION. TRB cryptocurrency
2025-01-20 10:59