Why is Bitcoin price up today?

Bitcoin has jumped by over 3% in the last 24 hours to reach around $105,750 on Jan. 24, amid renewed anticipations that the Donald Trump administration will establish a “strategic Bitcoin reserve” in the US.

Cryptocurrencies, Bitcoin Price, Markets, Donald Trump, Bitcoin ETF
BTC/USD daily price chart. Source: TradingView

A US Bitcoin reserve is “pretty much confirmed“

On Jan. 23, U.S. President Donald Trump signed an executive order establishing a working group on digital asset markets, marking a pivotal move toward securing US dominance in the fast-evolving cryptocurrency sector.

The order includes a directive to evaluate the creation of a strategic national digital assets stockpile, fueling optimism about the government’s growing embrace of blockchain technology and digital currencies.

However, it stops short of announcing a national Bitcoin reserve—an outcome eagerly anticipated by BTC investors. The lack of clarity initially triggered a brief dip in Bitcoin’s price, which fell to $102,220 minutes after the announcement.

The bearish reaction was short-lived, bolstered by US Senator and Bitcoin advocate Cynthia Lummis’ earlier cryptic post on X. Lummis teased her followers with the message, “Big things are coming,” igniting speculation that the US might be preparing to adopt Bitcoin as a strategic reserve asset.

Lummis was actually referring to her new appointment as chair of the Senate Banking Subcommittee on Digital Assets.

Lummis’ message and the executive order spurred widespread optimism among crypto leaders, including Binance co-founder Changpeng Zhao, who hinted at the possibility of Bitcoin becoming part of the US national digital assets strategy.

Cryptocurrencies, Bitcoin Price, Markets, Donald Trump, Bitcoin ETF
Source: Changpeng Zhao

Bitcoin ETFs attract nearly $3B

Bitcoin’s recent price rise coincides with rising capital inflows into US spot Bitcoin exchange-traded funds (ETFs), highlighting the growing demand for regulated exposure to the cryptocurrency.

According to data from Farside Investors data, these ETFs have recorded six consecutive days of inflows since Jan. 15, accumulating a total of $2.9 billion in new investments.

Cryptocurrencies, Bitcoin Price, Markets, Donald Trump, Bitcoin ETF
Source: Farside Investors

This influx of capital indicates growing investor confidence in Bitcoin as a long-term asset, particularly among institutional players who use ETFs as a regulated, accessible means to gain exposure to BTC.

BTC symmetrical triangle breakout targets $128K

Bitcoin’s gains today mark a key breakout from a symmetrical triangle pattern visible on the three-day chart. This pattern, which emerged during an ongoing uptrend, can signal a bullish continuation in technical analysis.

Related: Semler Scientific to raise $75M to fund Bitcoin buys as paper gains near $30M

The breakout occurs when Bitcoin’s price decisively closes above the triangle’s upper trendline, paving the way for a potential rally equal to the pattern’s height—measured as the maximum distance between the upper and lower trendlines.

Cryptocurrencies, Bitcoin Price, Markets, Donald Trump, Bitcoin ETF
BTC/USD three-day price chart. Source: TradingView

This puts Bitcoin’s breakout target at over $128,000 by March 2025. This projection aligns with the momentum seen in the broader crypto market, underscoring growing bullish sentiment and continued accumulation by institutional and retail investors alike.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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