Bitcoin (BTC) 
$98,342 price is hovering around $98,000 over the weekend, showing promising signs for the new week. After nearly two weeks of negative trends, the markets are bracing for Donald Trump’s inauguration on January 20. What is the current status of Bitcoin and altcoins?
Current Bitcoin Status
Due to fluctuations in the past 24 hours, there was a liquidation of $164 million. Liquidations decreased by 26% compared to the previous day. The Bitcoin (BTC) price is currently lingering at $98,425.
BTC continues to hold $91,500 as a support level, requiring daily closures above $95,000 for a sustained upward trend. If the positive sentiment persists, we might see the BTC price reaching six figures as we approach January 20.
In scenarios where $102,000 is regained, BTC is expected to reach $110,000.
Altcoin Market Update
The total trading volume of cryptocurrencies has dropped to $88 billion. Following peaks of $300 billion, the weekend’s lack of activity is clearly felt. The total market value of cryptocurrencies exceeding $3.5 trillion is a positive sign, with the fear index climbing back into neutral territory.
Among the top 100 cryptocurrencies, the biggest gainers in the last 24 hours are AIOZ and PENGU, increasing by 20% and 12%, respectively. Over the weekly period, SPX and FARTCOIN lead with gains exceeding 40%.
In futures, altcoin volatility has caused significant liquidations. HIVE and Chillguy experienced liquidations amounting to hundreds of thousands of dollars. A small group of altcoins, including ACT, has seen major volatility, leading them to have the largest liquidations in the crypto space.
With Trump’s crypto-friendly administration taking office soon, the trend remains upward. After a two-week decline, we expect to see more gains in the upcoming week.
The ETF data from Friday was crucial and played a significant role in fostering weekend optimism. On January 3, there was a net positive inflow, exceeding $908 million. Since December 19, we have witnessed continuous net outflows ranging from $971 million to $226 million, making this recovery motivating.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
