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 an American politician attorney, and currently serving as vice president of the United States. She is the first female vice president and the highest-ranking female politician in the U.S. Kamala was Born in Oakland, California, and graduated from Howard University with a degree in political science and economics, and later pursued her law degree from the University of California, Hastings College of the Law. As a politician, she implemented stricter laws, the DREAM Act, and federal legalization of cannabis, healthcare, and taxation reform. Harris secured enough non-binding support from delegates to become the speculative nominee of the Democratic Party. 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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