Share this article
Bitcoin Revisits $100K as Trump Inauguration May Spur a Breakout: Van Straten
Wednesday's price action for bitcoin was the fourth time it exceeded the key $100,000 price level.
Jan 16, 2025, 10:08 a.m.
What to know:
- Bitcoin exceeded $100,000 for the fourth time.
- The U.S. presidential inauguration on Jan. 20 could be the catalyst for bitcoin to break out of its channel.
- Futures open interest continues to drop for bitcoin from the Dec. 19 high.
On Wednesday, bitcoin (BTC) briefly exceeded $100,000 for the fourth time, with trader sentiment switching to greed from fear as the price ranges between $90,000 and the six-figure level.
The largest cryptocurrency may take several attempts to push through $100,000, as previous CoinDesk research showed.
Since touching an all-time high of around $108,000 on Dec. 17, bitcoin has put in a series of lower highs, just as it did during 2024's seven-month consolidation.
STORY CONTINUES BELOW
Ne manquez pas une autre histoire.Abonnez vous à la newsletter Crypto Daybook Americas aujourd. Voir toutes les newsletters
However, the $90,000 price level remains firm. It has provided critical support, and bitcoin has stayed above it since Nov. 18, other than briefly dropping below on Jan. 13. The catalyst for a break in either direction could be President-elect Donald Trump's inauguration on Jan. 20.
Publicité
Monitoring leverage is also a key component to determining the market's euphoria or greed. This can be observed through futures open interest (OI).
Open interest refers to the total number of outstanding bitcoin futures contracts in the market. Data from Coinglass shows that OI has been at its lowest level since early November, when Donald Trump won the U.S. election.
As the chart shows, open interest has dropped to 621,000 BTC ($61.6 billion) from 700,000 BTC on Dec. 19. That means that recent price action has been less leverage-driven and more spot-driven.
For fair analysis, it is important to compare open interest denominated in bitcoin, as the unit stays the same, rather than using nominal value, which fluctuates depending on the bitcoin price.
Plus pour vous
Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
Ce qu'il:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
Plus pour vous
This article is created to test tags being added to image overlays
Dek: This article is created to test tags being added to image overlays
Ce qu'il:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
Top Stories
