Bitcoin Climbs Back to $100K as Trump's Inauguration Could Trigger a Surge
Bitcoin has surged past the $100,000 mark for the fourth time, with speculations rising around the impact of the upcoming presidential inauguration.
Key Highlights
- Bitcoin surpassed $100,000 for the fourth time.
- The upcoming presidential inauguration on January 20 may be a significant trigger for bitcoin's movement.
- Futures open interest for bitcoin continues to decline since its peak on December 19.
On Wednesday, bitcoin briefly exceeded $100,000 for the fourth occasion, as market sentiment shifted from fear to greed while trading between $90,000 and the $100,000 threshold.
Analysis shows the cryptocurrency may need multiple attempts to successfully breach $100,000, similar to past behavior during significant price consolidations.
The critical support level holds steady at $90,000, with the asset remaining above this point since November 18. The soon-to-happen inauguration of President-elect Donald Trump is seen as a potential catalyst for significant market movements.
Keeping an eye on leverage is essential to gauge market sentiment effectively, particularly through the observation of open interest (OI) in bitcoin futures. Recent data shows a decline in OI, suggesting less leverage-driven trading activity, indicating bullish tendencies in the spot market as the community awaits further developments.
