Bitcoin's price movement today is largely influenced by the anticipation surrounding Donald Trump's upcoming inauguration and the potential for crypto-friendly policies. The market is buzzing with optimism as Trump's administration is expected to prioritize digital assets, potentially leading to favorable regulatory changes. This sentiment is further bolstered by the recent resignation of SEC Chair Gary Gensler, which has shifted market expectations towards a more supportive regulatory environment for cryptocurrencies. The anticipation of new ETF approvals and the overall positive sentiment in the crypto sector are contributing to Bitcoin's current price stability.
Additionally, the recent surge in Bitcoin's price can be attributed to the strong demand from institutional investors, as evidenced by the significant inflows into Bitcoin Spot ETFs. Despite a decline in miner reserves, which typically signals selling pressure, the robust demand from other market participants has absorbed this pressure, allowing Bitcoin to maintain its upward trajectory. CryptoQuant analyst cryptoavails notes that the continuous decline in miner reserves could eventually lead to reduced selling pressure, further supporting potential price gains.
Bitcoin's price has seen a modest increase of 0.11% today, reaching $104,225.90. The cryptocurrency hit a high of $104,628.77 and a low of $102,264.98 during the day.