BTC Hits New Peak: Bitcoin Nears $110,000 in Unprecedented Surge

• Bitcoin’s trading volumes soared by 110% to exceed $110 billion, reflecting strong market momentum ahead of Donald Trump’s inauguration.
• The odds of Donald Trump approving a strategic Bitcoin reserve within his first 100 days in office have risen to 65%.

Bitcoin’s (BTC) price has surged to a new all-time high of $109,114 today, gaining nearly 5% in the last 24 hours, with daily trading volumes surging by 110% to more than $110 billion. This shows a strong undercurrent for BTC amid the launch of the TRUMP meme coin and the MELANIA meme coin earlier today, as mentioned in a recent update.

In the last 24 hours following the launch of new TRUMP meme coins, Bitcoin has faced strong turbulence. Earlier today, it took a dive under $100K levels before recovering swiftly to new all-time high levels. Furthermore, the recent BTC price surge to all-time highs come just before the Donald Trump inauguration on January 20.

Donald Trump Inauguration Boosts Strategic Bitcoin Reserve Odds

With the new wave of euphoria in the crypto markets, the odds of a strategic Bitcoin reserve have also jumped significantly. As per the Polymarket data, there’s a massive 65% chance that Donald Trump will approve a strategic Bitcoin reserve during the initial 100 days in office.

There is now a 65% chance that Trump will create a strategic #Bitcoin reserve within the first 100 days!

SUPER BULLISH! pic.twitter.com/g1aw1Ov0PJ

— Crypto Rover (@rovercrc) January 20, 2025

The move would align with growing global interest in cryptocurrency adoption and could signal a significant shift in U.S. financial policy. Additionally, Trump intends to use his executive authority to reduce regulatory hurdles for cryptocurrency businesses and promote the adoption of digital assets early in his term.

Furthermore, President Donald Trump will supposedly sign an executive order creating a cryptocurrency advisory council on the first day. Originally proposed by Trump in July, this initiative seeks to unite industry leaders and policymakers to develop a more crypto-friendly regulatory framework.

BTC Open Interest Surges With 10% God Candle, $130K Next?

As said, the BTC price has made a swift recovery from the lows under $100K to the highs closer to $110K in less than 24 hours, thereby forming a 10% god candle. This swift reversal in the Bitcoin price has triggered massive market liquidations, with over $52 million in short BTC positions wiped out in under an hour.

Furthermore, data from Coinglass showed that the BTC open interest surged by $4.74 billion as BTC’s price recovered. Earlier, there was a decline of over $3 billion in open interest. As highlighted in our previous article, the buy ratings for BTc have gone up.

Source: Coinglass

Although many anticipated Trump’s inauguration would push Bitcoin to new all-time highs, trader and analyst Jelle remains optimistic, suggesting the time may be ripe for a surge to the “mid $130Ks”. The analyst wrote:

​​Bitcoin broke out from the descending triangle, retested it — and bounced straight to new all-time highs.

Source: Crypto Jelle