Bitcoin Price Today Hits New ATH of $110,000, Why is BTC Suddenly Up 8%?

After a swift recovery on January 19, Bitcoin created a bearish swing failure pattern on the daily chart, leading to a 6.33% crash. Regardless of the short-term correction, Bitcoin price today is up No data found for bitcoin on 3 minutes ago% and hit a new all-time high (ATH) of $110,000. While the weekend crash and massive FOMO may have raised some concerns, the push to all-time highs has quashed all speculations of a cycle top.

Why Bitcoin Price Today Is Up 8% as BTC Hits New ATH?

Bitcoin price today set up a new ATH of $110,000 and trades at No data found for bitcoin on 3 minutes ago after shooting up No data found for bitcoin on 3 minutes ago%. This spike in buying pressure could be attributed to investors pulling out of the TRUMP coin and reinvesting profits into a more risk-averse asset like Bitcoin. Moreover, the long-term outlook of BTC remains bullish, with higher highs and higher lows on the daily and weekly charts, adding credence to the recent spike in buying pressure and a new ATH.

The second reason for this uptrend could be the Presideent-elect Donald Trump’s inauguration, which is scheduled to take place today. Investors may have considered the recent launch of a meme coin on Solana as a show of Trump’s support for the crypto space.

Additionally, it wouldn’t be surprising that capital is rotating back into BTC in anticipation of a strategic Bitcoin reserve.

As a result of the recent uptrend, Ethereum (ETH) and Ripple (XRP) also registered No data found for ethereum on 3 minutes ago% and 9.66% gains, respectively.

*bitcoin price updated as of No data found for bitcoin on 3 minutes ago

What’s Next For Bitcoin Price? Strategic Levels to Watch Next After New ATH

The weekend correction knocked Bitcoin price down to the value area high of $100K, where BTC found support and resulted in an 8% rally in the early Asian session. This sudden uptrend has caused Bitcoin to hit a new ATH of $110,000.

The next levels where investors can consider booking profits include the $161.8% Fibonacci extension at $120,362 and the 261.8% Fibonacci extension level at $139,683.

BTC/USDT 4-hour chart

After the recent uptick, Bitcoin price prediction looks as optimistic as ever, with the expectations of new all-time highs forming around $120K and $130K, respectively, in the coming days. However, if BTC breaks below $100K, it could invalidate this bullish outlook and trigger a potential crash down to $90K.

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