Why Bitcoin Price is Up Today? Trump’s Pro-Crypto Shift Explained

Bitcoin has surged to a new all-time high of $109,588.08, driven by growing excitement about Donald Trump’s upcoming presidency and his pro-crypto policies. With Trump set to become the 47th President of the United States, the Bitcoin market has seen a 16.1% increase in the past week, with a 3.5% rise in the last 24 hours alone.

Here are all the details.

Bitcoin Reaches New Highs 

The recent growth in Bitcoin’s price is largely attributed to speculation about Trump’s pro-crypto policies, including the possibility of creating a Bitcoin reserve. When Trump defeated Kamala Harris Kamala Harris Kamala Harris is a well-known American leader who also served as Attorney General in the past. She is the former (49th) Vice President of the United States. She has been known for her vocal stance on cryptocurrency adoption and has been backed by several crypto leaders like Chris Larsen.   While serving as Vice President, she has reached out to crypto firms such as Coinbase and Circle and lawmakers at the White House to help formulate the policy frameworks for cryptocurrency adoption.   All these developments highlight her firm stance to encourage the growth of cryptocurrency in the nation.   Quick Facts   Full name Kamala Devi Harris Birth 20-10-1964, Oakland, California, United States Nationality American Education BA from Howard University Known for Active Politics   Kamala Harris - Career Highlights & Events   2010 – Elected Attorney General of California   2016 – Became U.S. Senator for California   2020 – Elected 49th VP of the United States of America in the general elections   2022 – Supported digital equity and broadband inclusion initiatives   2024 – Advocated tech innovation and responsible AI/crypto regulation   Vice President in the 2024 U.S. Presidential Election, Bitcoin was priced at $69,377.56.

Since then, the cryptocurrency has risen by 55.7%, with a 34.19% jump between November 6 and 15. On November 19, Bitcoin traded between $91,976.73 and $106,169.45, but today it broke through this range with a 6.52% increase. Currently, Bitcoin stands at $108,060.38.

What’s Next for Crypto Under Trump?

Trump’s administration is expected to introduce several pro-crypto policies, and many believe he may create a Bitcoin reserve. Polymarket bettors currently give a 60% chance to the proposal of a Bitcoin reserve becoming a reality.

There are also rumors that Trump might set up a cryptocurrency advisory council, using his executive powers. If created, this council could provide a forum for crypto leaders and policymakers to discuss regulations and strategy.

Institutional Confidence Grows

Data from Coinglass reveals a significant increase in Bitcoin Spot ETF inflows, totaling +38.27B. On January 15, the market saw an inflow of +755.10M, followed by +626.10M and +975.60M on January 16 and 17, respectively. In just three days, the total inflow reached $2.36 billion, showing that institutional investors are increasingly confident in Bitcoin.

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Bitcoin Price Technical Analysis

A symmetrical triangle pattern on Bitcoin’s weekly chart has caught the attention of technical analysts. The market broke above this pattern today, and analysts predict that Bitcoin could reach as high as $128,000, given that breakouts above the triangle’s upper trendline often lead to significant price increases.

Bitcoin’s record-breaking rise, combined with Trump’s pro-crypto stance, marks a crucial moment for the market. Prepare for volatility ahead!

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