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bitcoin
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BTC Price Hits ATH at $109,356 as Bitcoin Reserve Chances Surge to 55% — Is 115K the Next Target

Highlights:

  • BTC price hits ATH at $109,356, as bulls aim the $115K mark.
  • Its daily trading volume has soared over 112%, indicating a spike in market activity.
  • The Trump Bitcoin Reserve has spiked to 55%. 

The Bitcoin price has kicked off the week with a sharp increase of 4%, setting a new all-time high ($109,356), surpassing the previous record on December 17. Notably, accompanying the noticeable price movement is its daily trading volume, which has soared over 112% to $108 billion, indicating a spike in market activity. BTC boasts a strong bullish muscle, up 15% in the past week, 9% in a month, and 159% in a year. 

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Meanwhile, in the past 24 hours, 390,011 traders were liquidated, for a total of $1.21 billion in liquidations. The lion’s share accounted for the long liquidation at $875.18m, with the rest taking the short liquidations at $331.74m. 

Bitcoin Reserve Chances Soar to 55% as BTC Price Hits ATH — Is 115K Next?
Source: Coinglass

Elsewhere, speculation about the possibility of the U.S. creating a Strategic Bitcoin Reserve has surged on the Polymarket. The co-founder of Crypto Strategy School, Tyler Hill, recently shared data showing that the probability of the U.S. building this reserve has surged to 55%. This is significant as it coincides with growing optimism about the future of Bitcoin under the incoming presidential administration.

For Bitcoin investors, the news of a potential U.S. Bitcoin reserve is a major development that could provide long-term bullish momentum. Building a strategic reserve could provide a level of legitimacy to Bitcoin, attracting more institutional and retail investors alike.

Bitcoin Statistical Data

Based on CoinmarketCap data:

  • BTC price now – $109,000
  • Trading volume (24h) – $108.66 billion
  • Market cap – $2.13 trillion
  • Total supply – 19.81 million
  • Circulating supply – 19.81 million
  • BTC ranking – #1

BTC Price Nears $110K

The Bitcoin price has begun the week, hitting a new milestone at $109,356K ATH ahead of Trump’s inauguration today. The bulls have quashed their seller counterparts, entirely taking the reigns in the BTC market. A rounding bottom pattern has come in handy in the daily chart timeframe, suggesting potential upward momentum. 

Although initial buy orders should have been placed after BTC stepped above the resistance posed by the 50-day Simple Moving Average (SMA), the current technical picture seems vital for a more significant breakout. Bitcoin’s price holds above most bullish indicators in the short term, with the 50-day SMA and the 200-day SMA, at $98,292 and $75,075 in line to offer support.

Bitcoin Reserve Chances Soar to 55% as BTC Price Hits ATH — Is 115K Next?
BTC/USD 1-day chart: TradingView

The RSI (Relative Strength Index) shows strong buying pressure in the Bitcoin market. Its position at 66.55 suggests that buying activity is soaring, which might cause the RSI to jump to the 70-overbought zone. Further, there is still more room for the north before the BTC is considered overbought.

Bitcoin Price Poised for More Upward Movement

The daily chart above shows that the bulls have put their best foot forward and show no signs of stopping soon. The Rounding bottom pattern formation and the northbound RSI further affirm the bullish grip. Bulls could seize the opportunity to push the BTC price to $110,000 if the support levels hold. In a highly bullish case, the gains could extrapolate to record a new ATH at $115,000.

Conversely, early profit-booking activities and a market-wide sell-off may culminate in a BTC price correction to $104,385. In that case, traders should keep certain levels in mind as they will likely serve as support areas to absorb the selling pressure. 

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