Bitcoin price consolidated below its all-time high, and Official Trump (TRUMP) sold off during the inauguration of Donald Trump, but traders are hoping that a slew of Trump-issued executive orders could reverse the negative price action.
After rallying to a new all-time high above $110,000 in the early hours of Jan. 20, BTC (BTC) price wicked down as low as $101,440 at Binance exchange. President Trump’s Official Trump memecoin also sold off, dropping more than 40% in the past 24 hours to trade at below $39.
BTC/USDT 1-hour chart. Source. TradingView
Historically, profit-taking at and near all-time highs is a normal outcome for Bitcoin and other cryptocurrencies, so the current price action does not deviate from this practice. The crypto communities’ anxiety over the possibility of President Trump issuing an executive order for the creation of a strategic Bitcoin reserve has also played a role in BTC’s price action and its price volatility.
Polymarket odds currently show a 64% chance of Trump implementing a national Bitcoin reserve, but the shakiness seen in Bitcoin is a reflection of market participants’ anxiety.
Odds Trump implements a national Bitcoin reserve are soaring.
64% chance. pic.twitter.com/8UVfS6ZFWW
— Polymarket (@Polymarket) January 20, 2025
There’s still hope for Official Trump
Although Official Trump (TRUMP) is down for the day, the memecoin retains the bulk of its 616% gains over the past 3 days, and President Trump’s son, Eric Trump, suggested in a Jan. 19 tweet that something positive would be coming from the World Liberty team on Jan. 20.
Wait until you see what they do tomorrow! 🚀🚀 @worldlibertyfi https://t.co/v8eRDFImHo
— Eric Trump (@EricTrump) January 20, 2025
Related: Trump inauguration live: Latest crypto market updates, analysis, reactions
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.
