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
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all 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.
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.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Federal Reserve Cuts Rates 25 Basis Points, With Two Members Voting for Steady Policy
The anticipated move comes as policymakers are still operating without several key economic data releases that remain delayed or suspended due to the U.S. government shutdown.
What to know:
- As expected, the Federal Reserve trimmed its benchmark fed funds rate range by 25 basis points on Wednesday afternoon.
- Today's cut is notable given the unusually large amount of public dissension among Fed members for further monetary ease.
- Two Fed members dissented from the rate cut, preferring instead to hold rates steady, while one member voted for a 50 basis point rate cut.
Top Stories
