Bitcoin Reaches New All-Time High of $109,114.88

Bitcoin Overview

  • Bitcoin reclaimed a $2 trillion valuation with a new all-time high at $109,114.88.
  • Current trading price is $108,062.83, up 2.74% in the last 24 hours.

Political Impact

  • President-elect Donald Trump plans pro-crypto policies upon taking office on January 20.
  • Trump's team launched meme coins OFFICIAL TRUMP (TRUMP) and Melania Meme (MELANIA), which increased 30.88% and 60.42%, respectively.
  • Criticism arose regarding these coins being classified as pump-and-dump schemes.

Decentralized Finance Surge

  • Bitcoin's decentralized finance sector saw a 2,000% increase in total value locked (TVL), reaching $6.5 billion.
  • Bitcoin staking protocol Babylon contributed 80% of this TVL.

Liquidation Events

  • $1.24 billion was liquidated from the digital asset market in the past 24 hours, including $911.23 million in BTC longs and $330.22 million in BTC shorts.
  • $137.26 million was liquidated in just four hours.

Market Analysis

  • Bitcoin's uptrend remains strong, with high accumulation levels since 2023.
  • The Relative Strength Index (RSI) indicates bullish momentum at 66.48, suggesting potential prices around $120,000.
  • The MACD shows increasing buying pressure, supported by a 117.45% jump in trading volume over the last 24 hours.
Bitcoin Accumulation

Source: TradingView

Bitcoin Price Analysis

Source: TradingView