Bitcoin Gains Momentum as Trump Takes Office
The price of Bitcoin has been consolidating just below its all-time high, with notable movement rather than a flat trading pattern as this scenario might imply.
Official Trump (TRUMP) memecoin experienced a sharp sell-off during the inauguration of U.S. President Donald Trump.
Traders are optimistic that a series of executive orders from Trump could shift the momentum and counter recent negative price trends.
Bitcoin briefly surged to a new all-time high above $110,000 on Jan. 20 before pulling back to as low as $101,440 on Binance.
Meanwhile, TRUMP memecoin saw a steep decline of over 40% in the past 24 hours, trading below $39.
Profit-taking near all-time highs remains a common behavior in cryptocurrency markets, and Bitcoin's recent price fluctuations are consistent with this trend.
Adding to the volatility is speculation around Trump potentially issuing an executive order to create a strategic Bitcoin reserve, a move that has sparked concern among some market participants.
Current Polymarket odds suggest a 64% likelihood of Trump implementing such a reserve, but the nervousness reflected in Bitcoin’s price highlights the market's uncertainty.
Despite TRUMP's drop, the memecoin retains a significant portion of its 616% gains over the past three days.
Additionally, a Jan. 19 tweet from Eric Trump hinted that the World Liberty team might unveil positive news on Jan. 20.
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