Why was Bitcoin price increased today?

Bitcoin (BTC) has risen by about 2.5% over the past 24 hours and traded about $ 105,000 on January 30, as the market still means the “somewhat increased” inflation to move forward for the economy.

Data from Cointelegraph Markets Pro and Bitstamp shows that Bitcoin price rose from a low of $ 101,288 on January 29, and rose to 4.3% on January 30 to a peak of $ 105,563.

Let’s look closer to the factors that increase Bitcoin price today.

Bitcoin prize exhibitions as lined rate decision meet expectations

Bitcoin Price was volatile on January 29, as the US Federal Reserve kept its benchmark unchanged, which matched the market expectations.

As it happened:

As expected, the Fed kept the interest rate range unchanged at 4.25% to 4.5% following the Federal Open Market Committee (FOMC) which ended on January 29.

The accompanying policy statement was Hawkish, with the central bank that inflation remains ‘somewhat exalted’.

The Fed has now taken a wait-and-see approach and left all options open in the short term regarding the monetary policy.

Bitcoin initially took off the news and dropped as low as $ 101,288, but Fed chairman Jerome Powell made his comments after the meeting.

In his comments after the meeting, Powell said that the amendment in the language statement’s language regarding inflation was not intended to convey a specific message.

Bitcoin and other top-cap cryptocurrencies moved higher after its statement, with BTC by the end of the press conference to $ 105,000.

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This increase in Bitcoin’s price increase has caused significant liquidations in the derivative market, which is an indication of strong bullish pressure.

Key Points:

Over the past 24 hours, short BTC positions of $ 43.37 million have been achieved, compared to just over $ 17.48 million to long liquidations.

Baved traders are forced to sell their positions when short positions are liquidated.

Bitcoin’s price continued to climb to Sunday’s highlights due to the liquidation effect.

The extent of these liquidation mirrors on January 20, when $ 53 million was wiped out in short positions, was accompanied by a 10% price of all highs of $ 109,000.

Spot Bitcoin ETF -Inflow A boost BTC price

Bitcoin’s recent price increase coincides with rising capital inflows in US location Bitcoin stock exchange traded funds (ETFs), which highlights the growing institutional demand.

Key Points:

This influx of capital indicates growing investor confidence in Bitcoin as a long -term asset, especially among institutional players using ETFs for exposure to BTC.

With an increasing institutional demand for bitcoin, the Bull market cycle is well positioned in the coming weeks and months for new price discovery.

Bitcoin’s cup-and-handle pattern is aimed at $ 125k

From a technical perspective, the BTC/USD pair since December 17, 2024 has formed a head pattern and handle pattern on its daily timeframe.

What you need to know:

A cup-and-hand set setup is a technical formation that occurs when the price initially drops, followed by a steady recovery in a U-shaped recovery, which forms the cup.

Meanwhile, the recovery leads to a withdrawal, in which the price trends lower in a falling channel forming the handle.

The pattern is dissolved when the price breaks above the handle, which rises to an approximately equal size of the previous drop. The BTC/USD -day chart below now illustrates a similar bullish technical setup in the game.

Note that BTC/USD is trading higher within the handle range and that they are resistant to $ 106,359.

A definite daily candlestick near the neckline can result in the BTC price resistant to the highlight of $ 109,000.

If you break this barrier, the path to the technical target of the prevailing map pattern will be cleared at $ 125,000, with 18.75% of the current level.

Several Bitcoin analysts agree with these prospects:

Crypto Candy said that if the current momentum continues, the price can break the high zone of 107,000 and 108,000 and “may enter the price discovery.”

Popular analyst Mark Cullen said: ‘Bitcoin at an important decision’, and BTC price must ‘break out of the channel and take out the equal highlights’ to ensure the recovery.

“If BTC can break out of the channel and take out the equal highlights at 107,000 and hold any retreat above 105,000, things are golden.”

This article does not contain investment advice or recommendations. Each investment and trade movement involves risk, and readers must do their own research when making a decision.