Bitcoin Reaches New All-Time High of $109,021

Bitcoin has reached a new all-time high of $109,021 amidst a broader market downturn. Key points include:

Strong buying demand and market optimism support BTC’s price.
Spot inflows have hit a 30-day peak, indicating robust buying activity.
The balance of power (BoP) indicator shows buyers dominate the market.
If momentum continues, Bitcoin may aim for the $110,000 mark; however, increased selloffs could drop the price below $100,000.
Volatility is expected around Donald Trump’s upcoming inauguration, with speculation about a potential Strategic Bitcoin Reserve impacting the crypto market.
Tom Trowbridge from Fluence noted that a pro-crypto US stance could lead to favorable global legislation.
Market participants are watching for sustained buying pressure or profit-taking that might affect BTC's rally.